Gold rises to a new level… and silver reaches $68.5 for the first time

Gold rose to a new record high amid escalating geopolitical tensions and expectations of additional interest rate cuts by the Federal Reserve.

Silver prices also rose to a record level, and platinum achieved gains for the eighth consecutive session.

The spot gold price rose 1% to $4,383.19 per ounce this morning, while the silver price rose 2% to $68.48, for the first time in its history.

Standard price for gold
The spot gold price exceeded its previous peak, which it recorded in October, at $4,381 per ounce, after achieving gains over the past two weeks.

Traders expect the Federal Reserve to cut interest rates twice in 2026, after a series of economic data released last week did not yield more clarity on expectations, despite US President Donald Trump’s call for sharp interest rate cuts.

Loose monetary policy is a catalyst for gold and silver, which do not pay interest.

Silver is flying high
Silver achieved gains of up to 2% to reach a record level of $68.4850 per ounce, supported by speculative flows and continued supply disturbances in major trading centers following a historic selling wave in October.

Total silver futures trading volume in Shanghai rose early this month to levels close to those seen during the crisis two months ago.

Geopolitical tensions have also enhanced the safe-haven appeal of precious metals.

A historic year for precious metals
Precious metals are concluding a historic year, as both gold and silver are heading towards achieving their strongest annual gains since 1979.

Silver has more than doubled in value, while the price of gold has risen by about two-thirds, supported by increased central bank purchases and money flows into gold-backed ETFs.

Gold-backed ETFs have seen increasing inflows for five straight weeks, according to data compiled by Bloomberg, and World Gold Council figures show that total holdings in these funds have risen monthly this year except for May.

Platinum and palladium
The spot palladium price rose by 4% to $1,782.05 per ounce, and the spot platinum price rose by 3% to $2,033 per ounce.

The price of platinum exceeded $2,000 per ounce for the first time since 2008.

The metal, which has risen 120% this year, has seen a sharp rise with signs of a tightening market in London, as banks stockpile the metal in the United States to hedge the risks of tariffs.

Exports to China have also seen a strong rebound this year, and optimism about Chinese demand has been strengthened with the recent start of futures trading on the Guangzhou Futures Exchange.