Gold surges past $4,500 to record high as silver and platinum hit new peaks

Gold surged to an all-time high above $4,500 an ounce on Wednesday, extending a powerful rally across precious metals that also pushed silver and platinum to record levels.

Spot gold rose 0.6 per cent to $4,511.91 an ounce as of 10.20 am in Singapore, after earlier touching a record $4,525.77.

Silver advanced 1 per cent to $72.15, while platinum gained 2.2 per cent to $2,340.52. Palladium also moved higher, rising 1.3 per cent.

Gold leads precious metal surge

The sharp gains cap a standout year for precious metals. Gold has climbed by more than 70 per cent so far this year, while silver has surged 150 per cent, putting both on track for their strongest annual performance since 1979, according to Bloomberg.

The broad-based rally underscores renewed investor demand for hard assets, with precious metals posting historic price levels across the complex as the year draws to a close.