Mumbai: Gold prices climbed to historic highs on Tuesday, crossing the 4,500 dollar per ounce mark in international markets, as a strong rush towards safe assets triggered a wider rally across precious metals. Silver and platinum also touched record levels, reflecting growing investor demand amid global uncertainty.
Spot gold moved above 4,500 dollars per ounce for the first time, while futures prices also stayed near peak levels. The sharp rise marks one of the strongest years for gold in decades, supported by heavy buying from investors and central banks.
Silver prices surged alongside gold, climbing above 72 dollars per ounce and extending gains driven by both safe haven demand and rising industrial use. Analysts say silver has benefited from strong demand from renewable energy and electric vehicle sectors, adding momentum to the rally.
Platinum also reached a fresh record, trading near 2,380 dollars per ounce. Market watchers point to tight global supply and renewed investor interest as key reasons for the jump. Palladium prices rose as well, touching their highest level in nearly three years.
Experts say the rally has been fuelled by a mix of factors, including geopolitical tensions, expectations of interest rate cuts in the United States next year, a weaker dollar, and sustained buying by central banks looking to diversify reserves.
In India, higher global prices have pushed domestic gold, silver and platinum rates sharply upward, affecting jewellery demand ahead of the year end festive and wedding season. Traders caution that while prices may remain volatile in the near term due to thin holiday trading, the broader trend for precious metals continues to stay positive.
Analysts believe gold could test even higher levels in the coming months if global risks persist, though they advise investors to be cautious as sharp price swings are likely in an overheated market.