Gold prices edged lower on Wednesday, taking a breather after surging past the key $4,500-an-ounce mark earlier in the session, while silver and platinum trimmed some gains following their record-breaking rally.
Spot gold was down 0.2% at $4,479.38 per ounce at 01:57 p.m. ET (18:57 GMT), after marking a record high of $4,525.18 earlier in the session.
U.S. gold futures for February delivery settled 0.1% lower at $4,502.8.
The gold market is seeing some chart consolidation and mild profit-taking after record highs, said senior analyst at Kitco Metals Jim Wyckoff.
Gold tends to do well in a low-interest-rate environment and thrives during periods of uncertainty.
U.S. President Donald Trump said on Tuesday he wants the next Federal Reserve chair to lower interest rates if markets are doing well. The U.S. central bank has cut rates three times this year and currently traders are pricing two rate cuts next year.
On the geopolitical front, the U.S. Coast Guard is waiting for additional forces to arrive before potentially attempting to board and seize a Venezuela-linked oil tanker it has been pursuing since Sunday, a U.S. official told Reuters.
Silver hit an all-time high of $72.70 and was last up 0.7% at $71.94 an ounce.
“The next upside target for gold market is $4,600/oz and for silver is $75/oz by the end of the year. The technicals remain bullish,” Wyckoff added.
Silver prices have surged 149% year-to-date on strong fundamentals, outpacing bullion’s gain of over 70% during the same period.
Platinum peaked at $2,377.50 before paring gains to stand 2.4% lower at $2,220.44. Palladium was down more than 9% at $1,683.58 an ounce, retreating after touching its highest in three years earlier.
Platinum and palladium, primarily used in automotive catalytic converters to reduce emissions, are up about 145% and more than 85%, respectively, year-to-date, on tight mine supply, tariff uncertainty, and a rotation from gold investment demand.
