Palladium tops $2,300, silver exceeds $72 as gold steadies near $4,500 per ounce

Market Overview - Silver prices exceeded $72 an ounce, while platinum surged past $2,350, and gold hovered near $4,500 an ounce, indicating a strong performance in the precious metals market [1][4] - The precious metals complex is gaining due to escalating tensions in Venezuela, fears of further US Federal Reserve rate cuts, and a lack of confidence in the dollar [1][3] Oil and Venezuela - The US announced a blockade on sanctioned oil tankers entering and leaving Venezuela, risking around 600,000 barrels a day of oil exports, primarily to China [2] Price Movements - Platinum saw a price increase of about 20% this week, rising from $1,975 to over $2,350 an ounce, although it has become volatile after reaching this milestone [4] - Gold prices on COMEX were reported at $4,516 an ounce for February futures, with a significant gain of ₹4,000 in the past week [5] - Silver futures on COMEX were quoted at $72.05 an ounce, with a notable increase of over ₹18,000 per kg in the past week [6] Market Capitalization - Silver's market cap exceeded $4.070 trillion, surpassing that of Apple Inc, and is expected to soon exceed Nvidia's market cap of $4.606 trillion [7] Yearly Performance - Platinum has gained over 160% this year, silver has increased by 150%, palladium by 123%, and gold by over 71% [8] Future Outlook - Analysts suggest that it may be time to book profits in silver, predicting a potential price retracement to around $68, but if bullish momentum continues, the next target could be $75 [9] - ING Think maintains a positive outlook on gold, expecting prices to reach new record highs by 2026, supported by macro tailwinds and fundamentals [10] - The outlook for silver remains constructive, driven by strong industrial demand and sustained investment flows [11]