Gold and silver, record levels - Driven by geopolitical tensions, expectations for interest rate cuts in the US
Gold hit a record high on Tuesday, coming within striking distance of the key $4,500 an ounce level, as investors flocked to the safe-haven metal amid U.S.-Venezuela tensions. Silver also rose to a record high.
The price of gold in the country rose 0.7% to $4,476 an ounce, while U.S. gold futures for February delivery rose 0.9% to $4,509.
Traders are predicting that the Federal Reserve will cut interest rates twice in 2026, following last week's release of a slew of U.S. economic data. Meanwhile, U.S. President Donald Trump has consistently advocated for more accommodative monetary policies.
Continued geopolitical tensions in recent weeks have also boosted the safe-haven appeal of gold and silver. Bloomberg predicted on Monday that both gold and silver are poised for their strongest annual gains since 1979.
Driven by central bank purchases and inflows into exchange-traded funds (ETFs), gold prices have risen by about two-thirds this year. Gold-backed ETFs have seen five consecutive weeks of rising inflows.
World Gold Council data shows that, except for May, total holdings of these funds have increased month-on-month this year.
Beyond central banks, investors have also played a significant role in driving up the price of gold. Driven by concerns over the value of sovereign bonds and their denominated currencies, investors have fled these assets.
The Wall Street Journal reported in October that investors worried about the outlook for currencies like the U.S. dollar were aggressively buying alternative assets like gold. Goldman Sachs released a research report on Dec. 18 predicting that gold prices would rise to $4,900 an ounce by the end of 2026.
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