Gold prices climbed to a record above $4,500 per ounce as investors moved into safe-haven assets, driven by expectations of lower U.S. interest rates. The rally in gold also pushed silver, platinum and palladium to new highs.
Spot gold briefly reached $4,525, while U.S. gold futures also hit record levels. In Turkey, higher global prices lifted gram gold to around 6,235 lira.
Silver rose more than 1% to about $72.7 per ounce, while platinum jumped over 3% to nearly $2,380, its highest level on record. Palladium gained close to 2%, reaching its strongest level in three years.
Analysts say falling rate expectations, strong central bank buying and global risks are supporting precious metals. Speaking to CNBC-e, Tastylive Global Macro Research head Ilya Spivak said rising geopolitical tensions and de-globalisation are increasing demand for metals seen as neutral and safe.
Gold is up more than 70% this year, its strongest annual rise since 1979. Silver has risen even faster, gaining over 150% so far this year.
