Gold prices surpassed $4,500 per ounce on Wednesday, reaching a record high despite low trading activity ahead of the Christmas holidays. Other precious and industrial metals also hit historic peaks.
According to Ipek Ozkardeskaya, an analyst at Swissquote, “Investors have broadly rebalanced their portfolios, many have closed their positions” and “trading volumes are low.” She added, “However, the year continues to give us surprises.”
Gold climbed to $4,525.77 per ounce. Silver reached a new high at $72.70 per ounce. Metals used in automotive catalysts also set records; platinum was priced at $2,981.53 per ounce and palladium hit its highest value since December 2022.
Copper exceeded $12,000 per ton for the first time. Both copper and platinum were affected by concerns over potential U.S. tariffs that have not yet materialized.
Analysts attribute these market movements partly to increased geopolitical risks between Washington and Caracas. Earlier this week, President Donald Trump said it would be “smart” for Venezuelan President Nicolás Maduro to step down from power.
On December 16th, Trump announced a blockade targeting “sanctioned oil tankers” traveling to and from Venezuela’s coasts and has deployed warships in the Caribbean since September as part of an anti-narcotics operation that has resulted in more than 100 deaths.
Venezuela has described these actions as part of a campaign to remove Maduro and seize the country’s resources.
Despite these tensions, markets appeared ready to enter the holiday period on a positive note with optimism about 2026—especially regarding the U.S. economy—which helped offset recent concerns about technology stock valuations.
Wall Street traders pushed the S&P 500 index to an all-time high after data showed that the U.S. economy grew by 4.3% in the third quarter—the fastest pace in two years and higher than expected—driven by strong consumer and business spending.
This growth eased some investor concerns following weaker employment figures in previous months.
With economic conditions better than anticipated, investors reduced expectations for another Federal Reserve interest rate cut next month. Analysts noted that robust growth outweighed any disappointment over unchanged rates so far.
“We are prepared for a Christmas rally,” said Kieran Calder of UBP on Bloomberg TV. “The market is interpreting some of the data quite positively.”
