Platinum ingots with opened bank vault, 3D rendering
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AlexLMX
Gold hit a fresh high for the 50th time this year, with futures soaring past $4,500 an ounce. Silver broke through $70 per ounce record high, platinum soared to a new high and palladium was up at its best in three years as the precious metals complex continued to dazzle on Tuesday.
Traders attributed the sizzling run of the complex to further cut in US Fed rates, falling dollar, geopolitical tensions and central banks across the world buying gold, in particular.
According to Bank of America (BofA) strategist Michael Widmer, expectations of further increases or portfolio diversification are driving gold purchases, supported by the US fiscal deficit situation, efforts to narrow the US current account deficit, and weak dollar policies.
Silver’s next target
Spot gold ruled at a new high of $4,488.14 an ounce at 1920 hours IST. But gold February futures on COMEX were quoted at $4,512.10. In India, gold in the Mumbai spot market ended at ₹1,36,283 per 10 gm. On MCX, gold February contracts were ruling at ₹1,38,300.
Spot silver ruled at $70.18 an ounce, while March futures of the white precious metal on COMEX soared to $70.3 an ounce. In Mumbai spot market, it ended at ₹2,11,000 a kg and on MCX, March futures ruled at ₹2,14,800.
On the other hand, platinum went past its earlier record high of $2,200 an ounce to $2,239.80. Palladium closed in on $1,900 an ounce, the highest since 2022.
Renisha Chainani, head of research at Augmont, said gold could rise to as high as $4,575 an ounce, while silver’s next target was $72. Gold could target $5,000 in the next few weeks, while the uptrend in silver will continue as long as it rules above $67.50.
Published on December 23, 2025