Overview

• Spot bullion briefly traded near $4,036 around 11:54 GMT and U.S. December futures settled at a record $4,070.50 after touching $4,081 on Comex.
• Silver for December delivery closed at $48.99, surpassing the 1980 closing record and nearing its all‑time high of $49.51, while platinum extended strong yearly gains.
• This year’s surge has been fueled by expectations of further Federal Reserve rate cuts, a softer dollar, sustained central‑bank buying and renewed inflows into gold‑backed ETFs.
• Market drivers cited in the latest sessions include the U.S. government shutdown, political turbulence in France, shifts in Japan, and broader geopolitical tensions.
• Regulators warned of elevated volatility and fraud risks in precious‑metals markets, and reporting highlighted environmental and health harms from rising illicit mining, even as Brazil’s retail 24k price reached about R$681.26 per gram.