Continuing to refresh highs! Gold broke through $4490, setting a new record on the 50th trading day of the year.

On Tuesday, the price of gold once again reached a historic high, marking the 50th trading day this year where the price of gold has broken records. The price of silver also reached a new high. This is due to investors weighing the escalating geopolitical tensions and the prospect of further interest rate cuts in the United States. Spot gold broke through the $4490 per ounce mark for the first time, rising 2.4% the previous trading day, marking the largest single-day increase in over a month. Traders are betting that the Federal Reserve will lower borrowing costs again next year, creating a low interest rate environment that is favorable for non-yielding precious metals. Additionally, in the past week, as geopolitical tensions intensified, especially in Venezuela, the safe-haven appeal of gold has increased as the US has imposed sanctions on Venezuelan oil tankers, putting pressure on President Nicols Maduro's government. As of the time of writing, spot gold has risen 1.07% to $4491.05 per ounce, while silver has risen 0.9% to $69.69 per ounce. Platinum and palladium have also risen. Gold prices have soared 70% this year, primarily due to increased purchases by major central banks and significant inflows of funds into gold ETFs. Gold is expected to have the best annual performance since 1979. Data from the World Gold Council shows that the total holdings of gold ETFs have increased every month this year, except for May. President Trump's radical reshaping of global trade and his threats to the independence of the Federal Reserve have fueled the bull market earlier this year. Investors have also played a crucial role, partly due to concerns about the continually expanding debt levels leading to the devaluation of sovereign bonds and their currency denominations over time, prompting investors to sell these assets. After hitting a previous high of $4381 in October, gold prices fell, with the rally at the time considered overcrowded and overheated. However, there was a rapid rebound, and gold prices are expected to continue rising into next year. Several banks, including Goldman Sachs, predict that gold prices will continue to rise in 2026, with a basic forecast of $4900 per ounce, while highlighting the existence of upward risks. Silver has also achieved new highs, briefly rising 1% to $69.7060 per ounce. Since the beginning of the year, silver prices have increased by approximately 140%, even surpassing that of gold. Its recent rise has mainly been due to speculative fund inflows and ongoing supply imbalances in major trading centers following the historic short squeeze in October. Earlier this month, the total trading volume of Shanghai silver futures surged close to the levels seen during the short squeeze period several months ago.