Overview
- Spot gold touched $4,497.55 with futures briefly above $4,500, while silver neared $70 after hitting a record $69.98.
- U.S. authorities said the Coast Guard detained a sanctions‑hit tanker carrying Venezuelan oil and attempted to intercept two more, boosting risk hedging.
- Markets are pricing two additional Fed rate cuts next year as the dollar heads for its worst annual drop since 2003, weakening nearly 10% in 2025.
- Central‑bank buying and renewed inflows into gold‑backed ETFs have supported prices, with funds recording several consecutive weeks of net additions.
- Major banks project higher prices into 2026, while the BIS warns recent moves resemble speculative behavior that could precede a bubble and correction.