Gold, silver prices jump ahead of US inflation data
Gold edged closer to record highs as investors awaited U.S. inflation data and monitored rising tensions in Venezuela.
Silver reached a fresh peak, while platinum climbed to levels not seen since 2008, News.Az reports, citing Bloomberg.
Bullion traded near $4,330 an ounce, recovering from a slight decline in the previous session that ended a five-day winning streak.
Inflation figures, due Thursday, will be closely scrutinized for indications of how the Federal Reserve may approach future interest-rate cuts, with several key Fed officials scheduled to speak publicly ahead of the release.
Gold was also supported by geopolitical developments in Venezuela. President Donald Trump ordered a blockade of all sanctioned oil tankers and increased pressure on Venezuelan President Nicolas Maduro amid a military buildup and the threat of potential land strikes in the region.
Gold is not far off the record high above $4,381 an ounce set in October. The precious metal has jumped about two-thirds this year and is on track for its best annual performance since 1979. The scorching rally has been driven by elevated central-bank buying, as well as a broader pullback by investors from government debt and key currencies. Geopolitical tensions have also enhanced its haven appeal.
Investors are watching closely for any sign of further monetary easing after the US central bank last week delivered its third consecutive rate cut — a tailwind for precious metals, which don’t pay interest. For now, traders are assigning a near-25% chance of a reduction in January.
Bullion is expected to average $4,500 an ounce in 2026, according to Nicky Shiels, head of research at precious metals refiner MKS Pamp SA, joining a chorus of predictions that it will push higher. Gold will likely consolidate in the near term “before establishing a milder, more sustainable bullish trajectory” after this year’s “parabolic surge,” Shiels said in a note on Tuesday.
Platinum, meanwhile, surged as much as 4.6% to the highest since 2008, on a European Union proposal to ease emissions rules for new cars, and scrap an effective ban on combustion engines. Platinum and palladium are used in catalytic converters that reduce pollution in engines. There’s been some buying interest from auto companies over the last week or so, Wilson said,
Gold advanced 0.5% to $4,323.89 at 3:30 p.m. in Singapore. Silver climbed 3.3%, touching a high of 66.5284 earlier. Platinum rose 3.7% and palladium was up 1%. The Bloomberg Dollar Spot Index added 0.3%.
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