Spot gold hit a record high of $4,530.6 per ounce on Friday, while spot silver briefly touched a record high of $75.14. Kelvin Wong, senior market analyst at OANDA, said that since early December, momentum-driven and speculative traders have been driving the rise in gold and silver prices. Thin year-end liquidity, expectations of prolonged Fed rate cuts, a weaker dollar, and surging geopolitical risks have all contributed to pushing precious metals to new record highs. Gold could potentially move towards $5,000 per ounce in the first half of next year, while silver has the potential to reach around $90 per ounce. In addition, platinum and palladium have surged due to tight supply, tariff uncertainty, and rotating investment demand for gold. Platinum has risen approximately 165% year-to-date, and palladium over 90%. Jigar Trivedi, senior research analyst at Reliance Securities, said that platinum is supported by strong industrial demand, with US inventory holders replenishing their stocks amid sanctions-related concerns, which has helped maintain high prices. (Jinshi)