Analyst: Multiple factors contribute to the epic bull market in precious metals. Gold and silver may hit 5000 and 90 USD next year.

Spot gold once touched a record high of $4530.6 per ounce on Friday, while spot silver briefly hit a historic high of $75.14. OANDA Senior Market Analyst Kelvin Wong stated that since early December, momentum-driven and speculative traders have been driving the rise in gold and silver prices. The combination of thin year-end liquidity, expectations of long-term interest rate cuts by the Federal Reserve, weakening US dollar, and increasing geopolitical risks have all helped push precious metals to new record highs. Gold may potentially move towards $5000 per ounce in the first half of next year, while silver has the potential to reach around $90 per ounce. Additionally, platinum and palladium have surged due to supply constraints, tariff uncertainties, and a rotation of gold investment demand, with platinum up approximately 165% year-to-date and palladium up over 90%. Credit Suisse's Senior Research Analyst Jigar Trivedi stated that platinum is supported by strong industrial demand, as US stockpilers have been restocking amid concerns related to sanctions, which helps maintain high prices.