Overview
- Spot gold pushed above $4,500 per ounce on Dec. 23 to roughly $4,519 after clearing $4,400 the prior day, while silver logged fresh highs around $69–$70.
- Traders priced roughly two Federal Reserve cuts for 2026 after softer U.S. inflation near 2.7% in November and weaker employment data, pressuring the dollar and lifting non‑yielding metals.
- Rising geopolitical risk, including U.S. actions against Venezuelan tankers and attacks on shipping in the Mediterranean, strengthened safe‑haven flows into precious metals.
- Structural demand stayed firm with persistent central‑bank buying and ETF inflows; the World Gold Council reported a record $530 billion in gold ETF assets and 3,932 tonnes held at end‑November.
- Analysts flagged overbought signals and thin year‑end liquidity that could spur volatility and profit‑taking, even as some banks outlined 2026 scenarios near $4,900 for gold and $70‑plus milestones for silver.