Gold prices soared past the $4,500-an-ounce mark for the first time on Wednesday, December 24, with silver and platinum also reaching record highs, as investors sought safe-haven assets amid expectations of further U.S. interest rate cuts next year.

Spot gold rose 0.1% to $4,492.51 per ounce by 0359 GMT, after earlier touching a record $4,525.19. U.S. gold futures for February delivery climbed 0.3% to a historic high of $4,520.60.

Silver gained 1.2% to $72.27 an ounce, hitting an all-time high of $72.70 earlier in the session. Platinum surged 3.3% to $2,351.05, after peaking at $2,377.50, while palladium rose nearly 2% to $1,897.11, its highest level in three years.

“Precious metals have become a speculative narrative amid de-globalisation, offering a neutral asset without sovereign risk, especially with ongoing U.S.-China tensions,” said Ilya Spivak, head of global macro at Tastylive.

Thin year-end liquidity has exaggerated recent price movements, but the broader trend appears strong. Spivak expects gold to target $5,000 over the next six to twelve months, with silver potentially approaching $80 as markets respond to psychological price levels.

Gold has surged over 70% this year, marking its largest annual gain since 1979. The rally has been driven by safe-haven demand, expectations of U.S. rate cuts, robust central bank buying, de-dollarisation trends, and ETF inflows, with traders pricing in two rate cuts next year.

Silver has jumped more than 150% over the same period, outperforming gold due to strong investment demand, its designation as a U.S. critical mineral, and momentum buying.

“Gold and silver have been hitting the accelerator pedal this week, reflecting their appeal as stores of value amid expectations of lower U.S. rates and lingering global debt,” said Tim Waterer, chief market analyst at KCM Trade.

Platinum and palladium, mainly used in automotive catalytic converters, have also surged due to tight mine supply, tariff uncertainties, and a rotation from gold investment demand. Platinum is up about 160% and palladium more than 100% year-to-date.

“What we’re seeing in platinum and palladium is largely a catch-up,” Spivak added, noting that the thinness of these markets makes them prone to sharp swings, though they broadly track gold once liquidity returns.