Gold and silver surged to record highs on Tuesday as a weaker dollar and ongoing geopolitical tensions drove demand for safe-haven metals. Spot gold rose 1 per cent to $4,488.94 per ounce, briefly touching $4,497.55, just below the $4,500 threshold, while US February gold futures climbed 1.1 per cent to $4,520.10. Spot silver gained 0.7 per cent to $69.51 per ounce after reaching a record $69.98, marking a 142 per cent rise year-to-date amid supply shortages and strong industrial demand. Bullion has surged more than 70 per cent this year as investors seek refuge from global uncertainties and lower interest rates. Platinum jumped 3 per cent to $2,183.90, its highest in over 17 years, and palladium rose 2.8 per cent to a three-year peak of $1,811.20, tracking the strength of gold and silver. Analysts noted that $4,500 for gold and $70 for silver are increasingly seen as reference points rather than ceilings, keeping momentum strong heading into the holidays. The US dollar fell for a second day, on track for its largest annual drop since 2017, while markets priced in two interest rate cuts for 2026 amid expectations of a dovish Federal Reserve and ongoing geopolitical risks, including tensions with Venezuela. Attribution: Reuters
