Precious metals prices soar: gold and silver break records
Фото: Reuters
On Tuesday, December 23, gold prices set a historic high, surpassing $4,500 per ounce. At the same time, silver also hit a new high.
Reuters reports this.
Spot gold rose 0.9% to $4,486.55 an ounce, after hitting an intraday high of $4,497.55. U.S. gold futures for February delivery rose 1.1% to $4,519.20 an ounce.
Silver added 0.8% to $69.56, after hitting a record high of $69.98. Silver has gained more than 141% since the beginning of the year, outpacing gold in growth amid tight supply, strong industrial demand and active investment.
Platinum prices jumped 2.2% to $2,167.25, hitting a more than 17-year high, while palladium rose 2.5% to a three-year peak of $1,803.91, following the trend of gold and silver.
Analysts attribute the increased demand for precious metals to geopolitical tensions between the United States and Venezuela, which keeps gold in the spotlight of investors as a reliable hedge against uncertainty.
In addition, market participants continue to view precious metals as an effective tool for portfolio diversification and capital preservation. Last week, US President Donald Trump announced a blockade of all oil tankers from sanctioned Venezuela, which further supported gold prices.
Markets are also reacting to reports of a possible appointment of a new Federal Reserve chairman as early as January, pricing in expectations of two rate cuts next year amid forecasts of a softer monetary policy.
Gold is up over 70% year-to-date, combining factors of geopolitical instability, rate expectations, central bank purchases, dedollarization, and inflows into ETFs.
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