NEW YORK: Silver climbed above US$80 an ounce on Monday, supported by supply constraints, strong industrial demand, and bets on further US interest rate cuts, with platinum also touching a record high.
Spot gold was down 0.1per cent at US$4,527.79 per ounce, as of 1152 GMT, December 28, after hitting a record high of US$4,549.71 in the previous session. US gold futures for February delivery were steady at US$4,553.10/oz.
The US dollar hovered near the two-month lows it reached on Wednesday.
Spot silver jumped 3.8per cent to US$82.15 per ounce, after hitting an all-time high of US$83.62 earlier in the session.
Silver has gained 181per cent year-to-date, far outpacing gold, and breaking through the US$80 mark, propelled by its designation as a critical US minerals list, supply constraints, and low inventories amid rising industrial and investment demand.
Bullion has also staged a stellar rally in 2025, climbing 72per cent so far and shattering multiple record highs.
Gold has been helped by a cocktail of factors, including the US Federal Reserve’s interest rate cuts and bets of further easing, geopolitical tensions, robust demand from central banks as countries look to move away from US securities and the dollar, and rising holdings in exchange-traded funds.
On the geopolitical front, US President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine.
On the macroeconomic front, traders still expect two US rate cuts next year.
Non-yielding assets tend to do well in a low-interest-rate environment.
Spot platinum fell 0.8per cent at US$2,429.10 per ounce, after rising to an all-time high of US$2,478.50 earlier in the day, while palladium rose 0.1per cent to US$2,003.83 per ounce. (Reporting by Ishaan Arora in Bengaluru; Editing by Rashmi Aich)
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