Overview
- Silver jumped to as high as $79.70 an ounce, gold set a record near $4,549, and platinum hit about $2,454, while palladium also surged to multi‑year highs.
- Traders priced in further Federal Reserve easing in 2026 and a weaker dollar lowered the opportunity cost of holding non‑yielding metals.
- Safe‑haven demand strengthened following a U.S. blockade of Venezuelan oil shipments and U.S. strikes against Islamic State militants in Nigeria.
- Silver’s outsized gains were fueled by structural supply deficits, October’s short squeeze and its U.S. critical‑mineral status, with a U.S. Commerce Department review potentially opening the door to tariffs or other trade curbs.
- Robust central‑bank purchases and heavy ETF inflows underpinned the rally, though analysts warned that thin year‑end liquidity and momentum trading could spur sharp volatility.