Gold Hits Record High Above $4,400 per Ounce

Gold prices soared to a record high above $4,400 per ounce on December 22, fueled by investor expectations of further U.S. Federal Reserve interest rate cuts and heightened demand for safe-haven assets amid geopolitical tensions. The surge marked the latest milestone in a year of exceptional gains for precious metals, while Bitcoin remained subdued, trading below its all-time peak.

Spot gold climbed as high as $4,417 per ounce during early Asian trading, settling around $4,403 by midday, according to market data. This represented a daily increase of about 1.8 percent and pushed gold's year-to-date gain to nearly 68 percent, its strongest annual performance since 1979. Silver also reached an unprecedented peak of $69.23 per ounce, up 3 percent for the day and 138 percent since January. The rally extended to other precious metals, with platinum rising 4.1 percent to $2,054, its highest level in more than 17 years, and palladium advancing 4 percent to $1,781, a near three-year high.

The upward momentum stemmed from recent U.S. economic indicators that bolstered bets on monetary easing. Consumer prices rose 2.7 percent year-over-year in November, below the forecasted 3.1 percent,...