Gold surges toward $4,500 on geopolitical tensions

Gold prices climbed to a fresh record on Tuesday, edging close to the $4,500-per-ounce mark as investors sought safety amid rising tensions between the United States and Venezuela. Silver also advanced to a new all-time high.

Spot gold rose 0.9 percent to $4,486.41 an ounce by early trade, after touching a record $4,497.55 earlier in the session. US gold futures for February delivery gained 1.1 percent to $4,519.70.

Analysts said heightened geopolitical uncertainty, combined with expectations of further US interest rate cuts, continued to underpin demand for precious metals. Gold has benefited from its traditional role as a hedge during periods of political and economic instability.

Additional support came from speculation that US President Donald Trump may soon name a new Federal Reserve chair, reinforcing market expectations of a more dovish monetary policy stance next year.

Gold has surged more than 70 percent so far this year, driven by geopolitical risks, rate-cut bets, strong central bank buying and renewed investment inflows. Silver also extended its strong run, rising to $69.70 an ounce after hitting a record $69.98, with year-to-date gains exceeding 140 percent.

Other precious metals followed the trend, with platinum jumping to its highest level in more than 17 years and palladium reaching a three-year high, as investors continued to rotate into safe-haven assets.