Gold surged to an all-time high on Tuesday, nearing the $4,500-per-ounce mark, as investors sought the safe-haven metal amid rising U.S.-Venezuela tensions. Silver also climbed to a record level.
Spot gold rose 0.9% to $4,486.41 per ounce as of 0329 GMT, after reaching an intraday peak of $4,497.55. U.S. February gold futures gained 1.1% to $4,519.70. Tim Waterer, chief market analyst at KCM Trade, noted that geopolitical uncertainties and expectations of lower U.S. interest rates have fueled demand for gold as a portfolio hedge. He added that gold and silver have further room to rise.
Support also came from U.S. President Donald Trump’s announcement of a blockade on Venezuelan oil tankers and speculation about a new Federal Reserve Chair, with markets pricing in two rate cuts next year. Bullion has surged over 70% this year due to geopolitical risks, rate-cut bets, central bank buying, and ETF inflows.
Spot silver climbed 1% to $69.70, up over 141% YTD, driven by supply constraints, industrial demand, and investment flows. Analysts see further upside, with gold potentially targeting $5,000 and silver $75 next year. Platinum and palladium also surged to multi-year highs, tracking precious metal strength.
