"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 continued to soar, reaching all-time highs.

On December 23 (local time) at the New York Mercantile Exchange, gold futures for February delivery closed at $4,505.7 per ounce, up 0.8% from the previous trading day.

Gold Bar. Reuters Yonhap News

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

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

Analysts at SP Angel stated, "The long-term trend of central banks diversifying their foreign exchange reserves is expected to remain a strong upward factor for gold prices through the late 2020s," adding, "We expect gold to 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 was $72.20 per ounce, up 3.2%. During the session, it also reached a record high of $71.49.

The price of silver has soared 147% compared to the beginning of the year.

Peter Grand, Vice President of Jayner Metals, explained, "The fundamental reasons are the supply-demand realities of the market, which has faced shortages for five years, and increasing industrial demand." He added, "The preference for safe-haven assets, a weaker dollar, and expectations of lower interest rates are also influencing buying activity." While he set the next target price for silver at $75, he cautioned that profit-taking toward the end of the year could lead to a decline.

The spot price of platinum set a new all-time high during the session at $2,274.10, ending up 6.8% at $2,268.95. Palladium rose 6.5% to $1,874.22, marking its highest level in three years.

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