Emre Yumlu 
As global markets approach year-end, precious metals are experiencing one of the strongest rallies in recent history. Gold, silver, and platinum have surged to record levels, supported by tightening liquidity conditions, growing expectations of U.S. interest rate cuts, and rising geopolitical tensions. Among them, silver has drawn particular attention after breaking above the $75 mark for the first time ever.
Gold Pushes to All-Time Highs
Gold prices continued their upward momentum during Asian trading hours, rising by approximately 0.6% to trade above $4,500 per ounce. During the session, spot gold reached a new all-time high near $4,530, while U.S. gold futures climbed to around $4,535.
The yellow metal delivered an exceptionally strong performance throughout 2024, marking its best annual gain since 1979. This sustained rally has been driven by several factors, including signals of monetary easing from the Federal Reserve, consistent purchases by central banks, increasing demand from gold-backed ETFs, and persistent global uncertainty. Together, these dynamics have reinforced gold’s role as a strategic store of value.
Silver Breaks a Historic Barrier
Silver prices posted even sharper gains. Spot silver rose more than 3% during the session, briefly exceeding $75 per ounce and setting a new historical record. This milestone represents a significant psychological and technical breakthrough for the metal.
Since the beginning of the year, silver has surged by approximately 158%, far outperforming gold’s 72% increase over the same period. Market analysts attribute silver’s strength to a combination of structural supply deficits, its classification as a critical industrial metal, and robust demand from sectors such as renewable energy, electronics, and advanced manufacturing.
Platinum and Palladium Join the Rally
Platinum prices also recorded notable gains, reaching an intraday record of nearly $2,430 before settling around $2,393, up more than 7% on the day. Palladium followed suit, climbing over 5% to trade near $1,770.
On a year-to-date basis, platinum has gained more than 160%, while palladium is up over 90%. Both metals are heavily used in automotive catalytic converters, making them sensitive to supply constraints, trade-related uncertainties, and shifts in investor allocation toward hard assets.
Interest Rate Expectations and Geopolitical Risks
Markets are increasingly pricing in two interest rate cuts from the Federal Reserve in 2025. Lower rates tend to benefit non-yielding assets such as precious metals by reducing the opportunity cost of holding them. At the same time, geopolitical developments — including sanctions on Venezuelan oil and ongoing security concerns in the Middle East and parts of Africa — continue to drive demand for safe-haven assets.
Overall, the current environment underscores the renewed importance of precious metals as investors seek protection amid economic and geopolitical uncertainty.
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