Singapore: Gold and silver prices have surged to fresh record highs in early Asian trading, driven by growing expectations that the US Federal Reserve will cut interest rates again next year.
Spot gold rose 0.5% to USD 4,502.75 an ounce after briefly touching a new peak above USD 4,530, while US gold futures climbed 0.7% to a record USD 4,533.60.
Silver jumped sharply, gaining 3.4% to USD 74.35 an ounce and earlier hitting an all-time high of USD 75.14.
Analysts say precious metals have been buoyed by expectations of looser US monetary policy, strong demand from central banks and supply constraints. Gold is up about 72% in 2025, while silver has surged more than 150%, helped by rising industrial demand.
Other precious metals also advanced, with platinum jumping 8% to a record USD 2,413.62 an ounce and palladium rising 4.4% to USD 1,757.25.
