Gold surged past $4,500-an-ounce for the first time ​on Wednesday, while silver and platinum also hit record highs, as investors piled into precious metals to hedge against geopolitical and ⁠trade risks, and on expectations of further U.S. rate cuts in 2026.

Spot gold rose 0.2% to $4,495.39 per ounce by ⁠0552 GMT, after ‌touching a record high of $4,525.19 earlier in the session. U.S. gold futures for February delivery climbed 0.4% to a record high of $4,522.10.

Silver gained 1.1% to $72.16 an ounce, after hitting an all-time ⁠peak of $72.70 earlier, while platinum jumped 2.5% to $2,333.80 after peaking at $2,377.50.

Palladium climbed almost 3% to $1,916.69, its highest level in three years.            

"Precious metals have become more of a speculative narrative
around the idea that, with de-globalisation, you need an asset
that can act as a neutral go-between, without sovereign risk
particularly as tensions ⁠between the U.S. and China persist,"
said ​Ilya Spivak, head of global macro at Tastylive.

Thin year-end liquidity exaggerated recent price moves but the broader theme was likely to ‍endure, with gold targeting
$5,000 over the next six to 12 months and silver potentially pushing toward $80 as markets respond to key psychological
levels, ​Spivak added.
              
Gold has surged more than 70% this year, its biggest annual
gain since 1979, 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,
outpacing gold on strong investment demand, its inclusion on the U.S. critical minerals list and momentum buying.
              
Gold and silver have "been hitting the accelerator pedal
this week" with fresh record highs, 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, primarily used in ⁠automotive
catalytic converters to reduce emissions, have surged this year
on tight ‌mine supply, tariff uncertainty, and a rotation from
gold investment demand, with platinum up about 160% and
palladium gaining more than 100% year-to-date.
              
"What we're seeing in platinum and palladium is largely
catch-up," Spivak said, adding that ‌the thin nature ⁠of those
markets leave them vulnerable to sharp swings, even as they
broadly track gold, once liquidity returns.

(Reporting by Sherin ⁠Elizabeth Varghese in Bengaluru; Editing
by Subhranshu Sahu, Ronojoy Mazumdar and Harikrishnan Nair)