Spot gold rose 0.2% to $4,495.39 per ounce by 0552 GMT after touching a record high of $4,525.19 earlier in the session. U.S. gold futures for February delivery climbed 0.4% to a record $4,522.10, News.Az reports, citing Reuters.
Silver advanced 1.1% to $72.16 an ounce after hitting an all-time high of $72.70 earlier in the day, while platinum jumped 2.5% to $2,333.80, having earlier peaked at $2,377.50.
Palladium climbed nearly 3% to $1,916.69, its highest level in three years.
Analysts said thin year-end liquidity had amplified recent price swings, but the broader trend was expected to persist. Gold could target $5,000 over the next six to 12 months, while silver may push toward $80 as markets respond to key psychological levels.
Gold has gained more than 70% this year, marking its biggest annual rise since 1979. The rally has been fueled by safe-haven demand, expectations of U.S. rate cuts, strong central bank buying, de-dollarisation trends and inflows into exchange-traded funds, with traders pricing in two rate cuts next year.
Silver has surged more than 150% over the same period, outperforming gold on strong investment demand, its inclusion on the U.S. critical minerals list and momentum-driven buying.
Platinum and palladium, which are mainly used in automotive catalytic converters to reduce emissions, have also posted strong gains this year due to tight mine supply, tariff uncertainty and a rotation in investment demand away from gold. Platinum is up about 160% year-to-date, while palladium has gained more than 100%.
