Gold and Silver Smash Records Again as Rally Gathers Momentum

Group 1 - Precious metals, including gold and silver, reached all-time highs due to escalating geopolitical tensions, US dollar weakness, and thin market liquidity [1][3] - Spot gold peaked above $4,530 an ounce, rising 1.2%, while spot silver climbed as much as 5% to cross $75 an ounce [1] - Gold has gained approximately 70% and silver over 150% this year, marking their best annual performances since 1979 [4] Group 2 - Geopolitical frictions, particularly in Venezuela and military actions against Islamic State in Nigeria, have increased the haven appeal of precious metals [2][3] - The Bloomberg Dollar Spot Index fell by 0.7% for the week, its largest drop since June, which typically supports gold and silver prices [3] - Heavy buying in exchange-traded funds (ETFs) has significantly contributed to the surge in gold prices, with holdings in SPDR Gold Trust rising by over 20% this year [6]