Gold extended its record-breaking rally on Tuesday, approaching the $4,500 per ounce mark, as a weaker U.S. dollar, geopolitical uncertainty, and strong safe-haven demand bolstered investor interest. Meanwhile, silver surged to an all-time high, outpacing gold with a 142% year-to-date gain, highlighting the strong momentum in precious metals markets.

Gold Climbs to Record Levels

Spot gold rose 1% to $4,488.94 per ounce, after touching a record $4,497.55 earlier in the session. U.S. gold futures for February delivery climbed 1.1% to $4,520.10, reflecting continued investor demand for bullion as a hedge against uncertainty.

Carlo Alberto De Casa, external analyst at Swissquote, explained:

“Expectations for a dovish Fed, markets losing confidence in the greenback, geopolitical tensions, central bank buying… investors’ lust for gold remains massive due to this mix of factors.”

The U.S. dollar extended losses for a second consecutive day and is on track for its largest annual decline since 2017, supporting the surge in gold prices.

Silver Hits New All-Time High

Spot silver advanced 0.7% to $69.51 per ounce, after earlier reaching a record $69.98. The white metal has gained 142% year-to-date, driven by industrial demand, supply deficits, and investment inflows.

Ahmad Assiri, research strategist at Pepperstone, noted:

“Both gold and silver continue to attract buying strength. Prices around $4,500 and $70 are being treated as reference points within ongoing trends, leaving both metals firmly supported for now and over the holidays.”

Platinum and Palladium Also Surge

Other precious metals followed gold and silver higher:

• Platinum jumped 3% to $2,183.90, its highest level in over 17 years.
• Palladium rose 2.8% to $1,811.20, hitting a three-year peak.

The rally in these metals reflects broader safe-haven demand amid geopolitical tensions, including U.S. actions against Venezuelan oil tankers, and expectations for dovish monetary policy in 2026, with markets anticipating two Federal Reserve rate cuts.

Drivers Behind the Rally

Several factors are driving the ongoing precious metals surge:

• Weaker U.S. dollar supporting dollar-denominated commodities
• Dovish Federal Reserve expectations, including potential early 2026 rate cuts
• Geopolitical uncertainty, boosting safe-haven demand
• Strong central bank purchases of gold
• Industrial demand and supply deficits, particularly for silver

Conclusion: Precious Metals Set for Strong Year-End Performance

As 2025 concludes, gold, silver, platinum, and palladium remain supported by a combination of monetary policy trends, geopolitical risks, and industrial demand, signaling a continuation of record-setting performance into the holiday season and potentially early 2026.