Gold surged past the $4,500-an-ounce mark for the first time on Wednesday, December 24, while silver and platinum also scaled record highs, as investors piled into precious metals on safe-haven demand and expectations that U.S. interest rates will fall further next year.

Spot gold rose 0.1% to $4,492.51 per ounce by 0359 GMT, after touching a record high of $4,525.19 earlier in the session. U.S. gold futures for February delivery climbed 0.3% to a record high of $4,520.60.

Silver gained 1.2% to $72.27 an ounce, after hitting an all-time peak of $72.70 earlier, while platinum jumped 3.3% to $2,351.05 after rising to a historic high of $2,377.50.

Palladium climbed almost 2% to $1,897.11, 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.

A goldsmith weighs gold jewellery inside a showroom in Ahmedabad

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 twelve 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 leaves them vulnerable to sharp swings, even as they broadly track gold, once liquidity returns.