Gold, Silver, and Platinum Relax after Record-Breaking Run

Gold Price Ticks Downward
Gold prices retreated slightly on Wednesday after breaching the $4,500 per ounce level, while silver and platinum also retreated following a record-breaking rally.

Spot gold was lower by 0.4% at $4,468.96 an ounce at 10:04 a.m. ET (1504 GMT), after scaling a historic high of $4,525.18 an ounce. February US gold futures were lower by 0.2% at $4,497.90.

“Gold is consolidating and experiencing a bit of profit-taking after hitting record highs,” said Jim Wyckoff, a senior analyst for Kitco Metals. “Gold has always been a good investment in low-interest-rate scenarios, which are always accompanied by periods of uncertainty.”

U.S. President Donald Trump has stressed that he hopes for a Federal Reserve chairman who would think of lowering interest rates if the markets are doing so well. The Fed has lowered interest rates three times so far this year, and two cuts in 2026 are also being factored by traders.

Additionally, there are the geopolitics involved. According to Reuters, a U.S. official reported that the Coast Guard is waiting for reinforcement before possibly boarding and seizing the Venezuela-related oil tanker that has been pursued since Sunday.

Silver pushed to a record high of $72.70 per ounce, but then eased 0.8% to $70.86. “Technically, gold could reach $4,600 per ounce, and silver $75 per ounce by year-end,” Wyckoff said. Silver has year-to-date gains of 147%, compared to gold’s 70%.

Platinum reached a high of $2,377.50 before declining by 3.3% to close at $2,198.30, while palladium dropped by 9% to trade at $1,692.43 after touching a three-year high. These precious metals, used in catalytic converters in vehicles, are up 160% and over 100%, respectively, this year as they have been spurred by limited mine supply, tariff uncertainty, and a preference switch from gold investment.