Gold rose above $4,500-an-ounce for the first time on Wednesday, December 24, 2025, while silver and platinum also hit record highs.
Spot gold was steady at $4,481.90 per ounce by 0803 GMT, after touching a record high of $4,525.19 earlier in the session, while U.S. gold futures for February delivery rose 0.1% to $4,509.20 an ounce.
Silver gained 0.7% to $71.95 an ounce, after hitting an all-time peak of $72.70 earlier, and platinum jumped 2.1% to $2,323.95 after peaking at $2,377.50.
Palladium climbed 3% to $1,919.17, its highest level in three years.
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“Precious metals have become more of a speculative narrative around the idea that, with de-globalisation, you need an asset that can act as a neutral go-between, without sovereign risk particularly as tensions between the U.S. and China persist,” the head of global macro at Tastylive, Ilya Spivak, said.
Thin year-end liquidity exaggerated recent price moves but the broader theme was likely to endure, with gold targeting $5,000 over the next six to 12 months and silver potentially pushing toward $80 as markets respond to key psychological levels, according to Reuters.
Gold has surged more than 70% this year, its biggest annual gain since 1979, driven by safe-haven demand, expectations of United States rate cuts, robust central-bank buying, de-dollarisation trends and ETF inflows, with traders pricing in two rate cuts next year.
Silver has jumped more than 150% over the same period, outpacing gold on strong investment demand, its inclusion on the U.S. critical minerals list and momentum buying.
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