Precious Metals Skyrocket as Gold Hits Record High, Silver & Platinum Soar – Fed Bets and Geopolitics Fuel Rally
Precious metals prices soared to multi-year highs in the past 48 hours, capping a dramatic two-week run-up. Gold set a fresh all-time high near $3,790/oz on September 23, punctuating a rally that has nearly doubled its price since late 2022 reuters.com. Silver likewise vaulted to ~$44/oz, a level last seen 14 years ago, while platinum broke above $1,480/oz – its strongest in over a decade reuters.com reuters.com. Even palladium, which has lagged this year, rebounded above $1,200. Lesser-known precious metals like rhodium and iridium remained elevated and in tight supply. This broad surge has been fueled by a potent mix of economic shifts and global events. Investors seeking safety from uncertainty, and positioning for a more dovish Fed, poured into hard assets en masse. Below, we break down the developments for each major metal and the forces driving them.
