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Venezuela tensions propel gold above $4,500 and silver to $72 peak
Gold prices smashed through $4,500 per ounce on Wednesday, hitting a historic high of $4,525, as silver raced to $72.70 per ounce in a blistering year-end rally that delivers gold its strongest annual gain since 1979 at over 70 percent. Escalating frictions between the United States and Venezuela, marked by naval blockades on oil tankers, have ignited safe-haven demand alongside bets on further Federal Reserve rate cuts. Platinum and palladium surged too, underscoring a precious metals boom that captivates investors navigating global uncertainties.
Forces igniting the surge
The U.S. dollar's 10 percent plunge in 2025 its steepest since 2003 has made these assets irresistible to overseas buyers. With three Fed cuts already trimming rates to 3.5-3.75 percent, traders eye two more in 2026, flooding capital into bullion. Central banks worldwide are poised to snap up 850 tons of gold this year, while U.S. actions against Venezuelan vessels sharpen risk perceptions across energy and trade fronts.
City Index analyst Fawad Razaqzada highlights the lack of bearish pressures, powered by steady central bank accumulation, dollar erosion, and flight-to-safety flows.
Silver's explosive industrial edge
Silver's 140-150 percent yearly leap, from $59 early December to $72 now, stems from its fifth straight supply crunch, with 2025 deficits hitting 95 million ounces. Mining lags far behind voracious uptake in solar, EVs, and AI infrastructure, bolstered by its U.S. critical mineral tag and tariff talk. ETF inflows doubled this year, fueling a retail-driven squeeze.
Platinum group joins the charge
Platinum vaulted to $2,377 before settling at $2,282, up 160 percent on the year, with palladium over 100 percent amid supply bottlenecks and auto catalyst needs. China's futures markets are reshaping global benchmarks.
Outlook signals more upside
Societe Generale eyes $5,000 gold by late 2026, echoed by Bank of America's $4,400 average call. Silver may test $80, outrunning LBMA's $59.10 forecast, per World Bank views of peaks 180 percent above mid-decade norms before any pullback.
Investor playbook amid volatility
Trade wars, green shifts, and sticky inflation lock in metals' defensive appeal. Central banks in emerging regions accelerate reserves, tilting the landscape.
