Gold broke through $4,500 an ounce for the first time, with silver and platinum also hitting new records as safe-haven demand and expectations of a US interest rate cut fueled speculative interest in the precious metal.
The gains were supported by strong fundamentals, including continued central bank buying and a weaker US dollar, as well as risk-off sentiment amid geopolitical tensions.
Expectations that the Federal Reserve will ease monetary policy further next year continue to support non-yielding assets, with markets now pricing in two rate cuts.
Silver outperformed gold in terms of annual performance, helped by rising investment demand, critical mineral status and industrial use, while platinum and palladium also surged on supply constraints.
Analysts expect momentum to continue as long as central bank buying does not slow, with some banks seeing the potential for gold prices to reach US$5,000 an ounce by 2026.
