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6d ago

Gold Surges Past $4,500 to Record High as Silver and Platinum Set New Peaks

Safe-haven flows tied to Venezuela tensions alongside expectations of easier Fed policy are propelling the move.

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A woman walks past the headquarters of the People's Bank of China, the country's central bank, in Beijing on July 9, 2024.
One kilogram gold bars at the ABC Refinery smelter, operated by Pallion, in Sydney, Australia. Gold prices have soared higher this year.
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Overview

  • Spot gold touched about $4,525 per ounce on Wednesday, with silver hitting a record $72.70 and platinum peaking near $2,377, while palladium reached a three-year high.
  • Traders are pricing in two U.S. rate cuts next year, a weaker dollar has boosted overseas buying power, and geopolitical frictions around Venezuelan oil shipments have intensified haven demand.
  • Central-bank purchases and persistent inflows into gold-backed ETFs, including gains in SPDR Gold Trust holdings, have underpinned the advance.
  • Gold is up roughly 70% in 2025, its strongest year since 1979, and silver has rallied around 150%, reflecting both investment momentum and tight physical markets.
  • Analysts caution that thin year-end liquidity is amplifying swings even as some banks project further upside, with several forecasts pointing toward prices near $4,900–$5,000 by 2026.