Silver rose to a record high, while platinum continued to rise for the eighth consecutive session. Gold also hit a new record high, amid rising geopolitical tensions and expectations of additional interest rate cuts by the Federal Reserve next year. Gold rose in spot trading, surpassing its previous high of more than $4,381 an ounce, set in October, after posting gains over the past two weeks. Traders are betting that the Federal Reserve will cut interest rates twice in 2026, at a time when a series of economic data released last week failed to provide more clarity on future interest rate expectations, despite US President Donald Trump’s call for a sharp cut in interest rates. More accommodative monetary policy is a supportive factor for gold and silver, which do not generate returns. Silver rose as much as 2% to hit a record high of $68.4850 an ounce, supported by speculative flows and continued supply imbalances across major trading hubs, following a historic wave of selling pressure in October. Total trading volume on silver futures in Shanghai jumped earlier this month to levels close to those recorded during the crisis a few months ago. Geopolitical tensions have increased the safe-haven appeal of precious metals. The United States tightened an oil blockade on Venezuela, increasing pressure on the government of President Nicolas Maduro, while Ukraine launched its first attack on an oil tanker belonging to the Russian “shadow fleet” in the Mediterranean. Also read: Washington is tracking a third oil tanker as Trump tightens blockade of Venezuela. A historic year for precious metals. Precious metals are on course for a historic year as both gold and silver are on track for their strongest annual gains since 1979. Silver prices have more than doubled, while gold has jumped by about two-thirds, supported by increased central bank purchases and money flowing into exchange-traded funds backed by gold. According to data compiled by Bloomberg, gold-backed exchange-traded funds have recorded increasing inflows for five consecutive weeks, while data from the World Gold Council shows that total holdings in these funds have risen in every month of this year except May. Platinum rose above the level of two thousand dollars per ounce for the first time since 2008. It comes at a time when the metal, which has risen 120% this year, has jumped sharply with signs of a tightening market in London as banks deposit the metal in the United States to hedge the risks of customs duties. Exports to China have also been strong this year, and optimism about demand in the country was boosted after futures finally began trading on the Guangzhou Futures Exchange. Gold rose 1% in spot deals to $4,383.19 an ounce at 09:44 Singapore time. Silver rose 2% to $68.48. Platinum rose 2.5%, while palladium gained 3.3%. The Bloomberg Dollar Spot Index fell 0.1%.