Gold surpassed the $4,500-per-ounce level on Wednesday for the first time ever, driven by increased safe-haven demand and expectations that U.S. interest rates will continue to be cut next year. Silver and platinum also climbed to record highs.
Spot gold rose about 0.4% to $4,503.59 per ounce by 00:00 GMT, after earlier hitting a record high of $4,509.65. U.S. gold futures for February delivery climbed 0.7% to a record level of $4,540.60 per ounce.
Spot silver gained 0.5% to $71.80 per ounce, after touching an all-time high of $71.85 earlier in the session.
The U.S. dollar fell to its lowest level in nearly three months on Tuesday against a basket of major currencies, making dollar-denominated gold more attractive to overseas buyers.
Gold has recorded a strong performance in 2025, surging 72% and setting record highs on multiple occasions.
The metal has benefited this year from several factors, including U.S. interest rate cuts, bets on continued monetary easing, international conflicts, strong demand from central banks seeking to diversify reserves away from the dollar, and increased investment demand through exchange-traded funds (ETFs).
Silver has risen 149% since the beginning of the year, significantly outperforming gold and surpassing the $70 threshold, supported by structural supply deficits, its inclusion on the U.S. critical minerals list, and strong industrial demand.
On the macroeconomic front, traders continue to expect two U.S. interest rate cuts next year.
As for other precious metals, spot platinum rose 2.9% to $2,342.25 per ounce after hitting an all-time high of $2,347.40, while palladium climbed nearly 3% to $1,919.69 per ounce, its highest level in three years.
Reuters
