Gold soared above the $4,500 mark for the first time on Wednesday, with both silver and platinum establishing fresh record highs as investors sought refuge in precious metals amid persistent geopolitical and trade tensions and in anticipation of additional U.S. interest rate cuts in 2026.
By 3:39 P.M. (GMT+7), spot gold edged up 0.11% to $4,489.17 per ounce after reaching a historic peak of $4,525.19 earlier in the day. U.S. gold futures for February delivery advanced 0.17% to $4,513.40 after reaching an unprecedented level of $4,522.10.
The upward momentum extended to silver, which added 0.58% to $71.86 per ounce following an earlier record of $72.70, and platinum, which ticked up 0.07% to $2,277.55 after notching a new high at $2,377.50. Palladium edged up 1.48% to $1,890.50 after reaching $1,916.69, the highest level in three years.
Gold has risen more than 70% year-to-date, marking its largest annual advance since 1979. This surge has been driven by safe-haven demand, forecasts of U.S. rate cuts, strong central-bank buying, de-dollarisation efforts, and robust ETF purchases. Market pricing currently suggests two rate reductions in the coming year.
The ascent in silver prices has been even more pronounced, climbing over 150% this year, outpacing gold’s gains. The metal’s rally has been powered by heightened investment demand, its recent designation as a critical mineral in the U.S., and momentum-driven buying activity.
