Gold broke above US$4,500 (RM18,225) an ounce for the first time on Wednesday while silver and platinum also marked new record highs, as safe-haven demand and expectations of further US rate cuts next year fuelled speculative interest in precious metals.

Spot gold was up 0.2% at US$4,494.49 per ounce at 1220 GMT, after marking a record high of US$4,525.19 earlier in the session. US gold futures for February delivery climbed 0.4% to US$4,523.10.

Silver hit an all-time high of US$72.70 and was last up 1.3% at US$72.32 an ounce, while platinum peaked at US$2,377.50 before paring gains to stand 1.6% higher at US$2,312.70.

Gold has risen more than 70% this year, its biggest annual gain since 1979, as investors flock to safe-haven assets amid geopolitical tensions and with expectations that the US Federal Reserve will continue to ease monetary policy.

US President Donald Trump said on Tuesday he wants the next Fed chairman to lower interest rates if markets are doing well.

Non-yielding assets such as gold tend to do well in a low-interest-rate environment, with traders currently pricing in two rate cuts next year.

Silver has surged more than 150% year to date, outpacing gold on strong investment demand, its inclusion on the US critical minerals list and rising industrial use.

Source: Theedgemalaysia