Gold surged past $4,500 an ounce for the first time on Wednesday, extending a powerful rally across precious metals as investors sought hedges against geopolitical and trade risks and priced in US interest rate cuts next year. Spot gold rose 0.2 per cent to $4,495.39 an ounce by 0552 GMT after hitting a record $4,525.19 earlier, while US February futures climbed 0.4 per cent to a peak of $4,522.10. Silver advanced 1.1 per cent to $72.16 an ounce after touching an all-time high of $72.70, and platinum jumped 2.5 per cent to $2,333.80 after setting a record at $2,377.50. Palladium gained nearly 3 per cent to $1,916.69, its highest level in three years. Gold is up more than 70 per cent this year, marking its strongest annual performance since 1979, supported by safe-haven demand, expectations of looser US monetary policy, strong central bank buying, de-dollarization trends, and ETF inflows. Silver has surged more than 150 per cent over the same period, outperforming gold on robust investment demand, momentum buying, and its inclusion on the US critical minerals list. Platinum and palladium have also posted sharp gains, driven by tight mine supply, tariff uncertainty, and a rotation from gold, with platinum up about 160 per cent and palladium more than 100 per cent year to date, though thin liquidity has amplified recent price swings. Attribution: Reuters
