Record precious metal rally: Silver and Gold hit new highs
|Precious metals surged to record highs in U.S. trading, led by a strong rally in silver and solid gains in gold and platinum.
Silver spiked to an all-time high of $75.84 before easing slightly, while gold moved up to $4,562.70 overnight, reflecting intense safe-haven demand amid mounting geopolitical tensions and a weaker U.S. dollar.
Platinum joined the rally, extending a historic year-end climb across the sector.
Market volatility has been fueled by global unrest, including rising tensions in Venezuela and a coordinated U.S. military strike against Islamic State in Nigeria.
These developments have prompted investors to seek refuge in metals as defensive assets.
China’s silver market experienced turbulence as the UBS SDIC Silver Futures Fund LOF plunged by the maximum 10% daily limit, a result of overvaluation concerns.
Fund managers reacted swiftly by tightening investment rules to stem further risk.
Copper also had a momentous day, hitting record highs in Shanghai and climbing in New York.
Investors are betting on long-term supply constraints and continued demand driven by the global energy transition.
The commodity’s December rally was further supported by the U.S. dollar’s decline.
Meanwhile, diplomatic efforts are underway to address the ongoing Russia-Ukraine conflict.
Ukrainian President Zelenskiy expressed optimism about an imminent meeting with President Trump to discuss a peace deal.
Both nations, alongside the U.S., are crafting a comprehensive plan that includes security guarantees and reconstruction support, though territorial disputes remain unresolved.
Technically, gold and silver charts remain firmly bullish.
Gold’s next key resistance lies at $4,600, with support near $4,300.
For silver, a breakout above $80 is the target, while $70 forms the lower threshold.
These technical levels suggest traders are watching closely for sustained momentum into the new year.
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