Overview
- Spot gold set fresh intraday highs above $4,530 per ounce, with some prints near $4,561, while silver crossed $75 for the first time and briefly approached $78, and platinum and palladium also surged to multi‑year or record levels.
- The rally accelerated on expectations of further Federal Reserve easing in 2026, a softer dollar posting its biggest weekly drop since June, and persistent inflows into gold ETFs alongside heavy central‑bank buying.
- Safe‑haven demand strengthened after U.S. actions targeting Venezuelan oil shipments and a U.S. strike on Islamic State militants in Nigeria, developments cited by market participants and President Donald Trump’s post.
- Silver’s outsized move reflected lingering supply tightness after an October short squeeze and traders’ focus on a U.S. Commerce Department review of critical‑minerals imports that could result in trade curbs, with thin year‑end liquidity amplifying volatility.
- Domestic markets echoed the surge as India’s MCX futures and city bullion rates set new highs, and year‑to‑date gains reached roughly 70% for gold and more than 150% for silver, marking their strongest annual performances since 1979.