Overview
- Spot gold briefly set a record above $4,530 an ounce, spot silver crossed $75 for the first time, and platinum traded beyond $2,400 to fresh highs.
- Safe-haven buying intensified after the United States blockaded sanctioned Venezuelan oil tankers and conducted a strike on Islamic State in Nigeria.
- Expectations of further Federal Reserve easing and dollar weakness added support, reinforced by strong central‑bank purchases and persistent inflows into gold-backed ETFs such as SPDR Gold Trust.
- Silver’s gains were amplified by speculative inflows, lingering supply dislocations after October’s short squeeze, constrained inventories, and robust industrial demand.
- Market participants are watching a U.S. Commerce Department review of critical‑minerals imports that could lead to trade curbs affecting silver, as thin year‑end liquidity and momentum positioning heighten volatility even with U.S. stocks near record highs.