Precious Metals Hit Repeated Record Highs Ahead of 2026

Precious metals prices are experiencing an unprecedented rally, recording near-daily record highs ahead of year-end, driven by strong growth in major economies and rising safe-haven demand.

The surge in precious metals prices has been supported by continued central bank gold purchases and a weaker US dollar, prompting investors to increase metals allocations in anticipation of 2026 volatility.

Gold has surpassed $4,500 an ounce for the first time, while futures contracts reached new all-time highs on expectations of further US interest rate cuts.

Silver and copper at record levels

Silver hit its highest level on record, while platinum and copper also climbed to new peaks.

Copper rose for a sixth consecutive session, approaching $12,300 per metric ton, backed by strong US economic growth and dollar weakness.

Analysts say precious metals prices continue to be supported by solid fundamentals, including central bank demand, accommodative monetary policy expectations and sustained safe-haven interest.

Palladium, however, retreated after touching a three-year high, although the broader metals market remains supported by strong momentum.