Gold and platinum prices hit historic highs

Gold, silver and platinum prices hit record highs on Friday, December 26. The rise in precious metals comes amid year-end speculation, reduced liquidity in the markets, expectations of further rate cuts in the US and heightened geopolitical tensions.

Spot gold was trading at $4,504.79 an ounce as of 6:23 a.m. Kyiv time, after hitting a record high of $4,530.60, according to Reuters. Gold futures for February delivery rose 0.7% to $4,535.20, or $145.32 per gram.

Silver rose 3.6% to $74.56 an ounce after hitting a record high of $75.14, equivalent to $2.40 per gram. OANDA senior analyst Kelvin Wong predicts that gold could hit $5,000 an ounce and silver could hit $90 in the first half of 2026.

This year, gold has posted its biggest annual gain since 1979, while silver has risen 158%, outpacing gold by almost 72%, driven by structural deficits, its inclusion on the US list of critical minerals, and robust industrial demand.

Platinum rose 7.8% to $2,393.40 an ounce after hitting a record high of $2,429.98, while palladium rose 5.2% to $1,771.14 after hitting a three-year high in the previous session. This equates to $77.21 per gram for platinum and $57.13 per gram for palladium. The rise in prices for these metals is driven by supply shortages, customs uncertainty and a shift from gold to platinum and palladium. Platinum is up about 165% year-to-date, while palladium is up more than 90%.

As a reminder, gold and silver prices have surged and hit record highs amid geopolitical tensions and expectations of lower interest rates in the US. Precious metals are posting their best annual performance in decades.

As reported, on December 23, gold prices set a historic record, exceeding $4,500 per ounce . At the same time, silver also renewed its high.

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