Silver Tops $75, Gold and Platinum Reach Record Highs

In a striking financial development, silver has soared past the $75 mark for the first time, with gold and platinum also reaching record highs. This surge in precious metals is fueled by expectations of further U.S. interest rate cuts and escalating geopolitical tensions.

Gold's spot price climbed 0.7% to $4511.70 per ounce by 0704 GMT, after hitting a new peak earlier at $4530.60 per ounce. Meanwhile, U.S. gold futures for February delivery jumped 0.9% to $4541.30 per ounce.

Silver saw a sharp increase, rising 3.8% in spot trades to $74.65 per ounce, following a historic high of $75.14. This remarkable performance is largely driven by predictions of two U.S. rate cuts next year, keeping non-yielding assets like gold in favorable demand.

Additionally, platinum witnessed an impressive ascent, skyrocketing 9.3% in spot transactions to $2426.20, after hitting an unprecedented $2448.25 per ounce earlier in the session.

Gold has experienced robust growth this year, achieving its most significant annual gains since 1979. This upward trajectory is supported by the Federal Reserve's monetary easing policies, geopolitical uncertainties, strong demand from central banks, and rising holdings in exchange-traded funds.

Silver's price has surged by 158% since the beginning of the year, outpacing gold's nearly 72% gains. This highlights the heightened interest and investment in precious metals amidst uncertain economic and geopolitical climates.