"Should I Buy at Least One?"... Gold, Silver, and Platinum Hit Consecutive All-Time Highs

Gold Surpasses $4,500, Silver Breaks $70 Mark
Platinum and Palladium Also on the Rise

The prices of precious metals such as gold, silver, and platinum have been soaring day by day, reaching all-time highs.

On December 23 (local time) at the New York Mercantile Exchange, gold futures for February delivery closed at $4,505.70 per ounce, up 0.8% from the previous trading day.

Gold Bar. Reuters Yonhap News

During the session, the spot price of gold at one point hit a record high of $4,497.55 per ounce before ending up 1.1% at $4,492.99 per ounce.

Reuters reported that gold prices have surged by about 70% this year, driven by geopolitical tensions, interest rate cuts in the United States, central bank purchases, and robust investment demand.

SP Angel analysts stated, "The long-term trend of central banks diversifying their foreign exchange reserves is expected to remain a strong upward driver for gold prices through the late 2020s," adding, "We anticipate gold could reach $5,000 per ounce next year."

On this day, silver surpassed the $70 mark for the first time. As of 3:12 p.m. Eastern Time, the spot price of silver stood at $72.20 per ounce, up 3.2%. During the session, it also reached a record high of $71.49 per ounce.

Silver prices have soared by 147% compared to the beginning of the year.

Peter Grand, Vice President of Jaynor Metals, explained, "The fundamental reasons are the market's supply-demand dynamics, which have experienced five years of shortages, and increasing industrial demand." He added, "Safe-haven preference, a weaker dollar, and expectations of lower interest rates are also fueling buying activity." While he set the next target price for silver at $75, he cautioned that year-end profit-taking could lead to a pullback.

The spot price of platinum also hit an all-time high of $2,274.10 per ounce during the session, ending up 6.8% at $2,268.95 per ounce. Palladium rose 6.5% to reach $1,874.22 per ounce, its highest in three years.

These two metals are used in automotive catalytic converters, helping to reduce harmful emissions. Recently, the European Union (EU) Commission announced plans to withdraw its effective ban on internal combustion engine vehicles scheduled for 2035. Mitsubishi analysts predicted that this news would have a positive impact on platinum prices.