Silver rose past $70 for the first time on Tuesday, while gold hit a record high, trading just below $4,500 an ounce, as a weaker dollar and persistent geopolitical uncertainty lift demand for safe-haven assets, reports Reuters.
Spot silver gained 2.2 per cent to a record of $70.61 per ounce. The white metal is up 143 per cent year-to-date on supply deficits, industrial demand, and investment inflows.
"Silver is responding to many of the same macro forces but with added intensity due to its own supply-demand dynamics. Tight supply conditions, combined with strong investment and speculative interest, are magnifying price moves as silver approaches the $70 level," said Ahmad Assiri, research strategist at Pepperstone.
Spot gold climbed 0.9 per cent to $4,486.99 per ounce, as of 1336 GMT, after reaching a record $4,497.55 earlier in the session. Bullion has gained more than 70 per cent this year as investors seek refuge amid global tensions and lower interest rates.
US gold futures for February delivery added 1.1 per cent to $4,518.80.
"Expectations for a dovish Fed, markets losing confidence in the greenback, geopolitical tensions, central bank buying.... Investors' lust of gold remains massive, due to a mix of all factors above," said Carlo Alberto De Casa, external analyst at banking group Swissquote.
The US dollar extended losses to a second day and is on track for its biggest annual fall since 2017.
On the geopolitical front, US President Donald Trump last week ordered a "blockade" of all sanctioned oil tankers entering and leaving Venezuela. He also said he was not ruling out the possibility of war with the South American country.
Markets are currently pricing in two interest rate cuts for 2026 as reports of President Trump's plans to name a new Federal Reserve chair early next year reinforce expectations for dovish monetary policy.
Spot platinum jumped 3.5 per cent to $2,193.60, a level not seen in more than 17 years, while palladium rose 1.6 per cent to a three-year high of $1,786.94, tracking gains in gold and silver.
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