Gold hits a new record high at $4,533.6 per ounce

Gold and silver prices jumped and recorded new record levels today, Friday, driven by demand for safe havens and increasing expectations that US interest rates will be cut again next year, while platinum and palladium prices also witnessed a noticeable rise.

Gold rose in instant transactions by 0.5% to $4,502.75 per ounce by 02:25 GMT, after recording a new record level of $4,530.60 earlier in the session.

US gold futures for February delivery rose 0.7% to a new record high of $4,533.60 per ounce, according to Reuters.

Silver in instant transactions jumped 3.4% to $74.35 per ounce, before recording its highest level ever at $75.14.

The dollar hovered near the lowest level in two months recorded on Wednesday.

Gold recorded an impressive performance in 2025, rising 72% so far and breaking its price record levels one after another.

This performance was supported by a number of factors, including lowering US interest rates and expectations of further monetary easing, along with geopolitical uncertainty, and strong demand from central banks as countries seek to reduce their investments in US securities and the dollar, in addition to rising holdings of exchange-traded funds.

As for silver prices, they have jumped 158% since the beginning of the year, far exceeding gold and breaching the $75 barrier, driven by a shortage of stocks, its inclusion on the US list of critical metals, and strong industrial demand.

On the macroeconomic front, the Fed Watch tool shows that traders still expect two US interest rate cuts next year.

Non-yielding assets such as gold tend to rise during times of low interest rates.

Platinum jumped 8% and reached an unprecedented level of 2413.62 per ounce by 03:04 GMT. Palladium rose 4.4% to $1,757.25 per ounce.