Prices
Gold prices edged lower on Wednesday after reaching a record above $4,500 per ounce. Silver and platinum also gave up some gains after a historic rally. Analysts say the market is taking a break as investors lock in profits.
Gold slips
Spot gold fell 0.3% to $4,473.49 per ounce at 11:52 a.m. ET. Earlier in the day, it hit a record high of $4,525.18. US gold futures for February delivery were down 0.1% at $4,500.30. Jim Wyckoff, senior analyst at Kitco Metals, said the market is consolidating after record highs. Gold usually does well in low-interest-rate conditions and during uncertain times.
US economic policy
Investors are watching comments from President Donald Trump. He said he wants the next Federal Reserve chair to lower interest rates if markets remain strong. The Fed has already cut rates three times this year. Traders are pricing in two more cuts in 2026. Geopolitical tensions are also affecting the market. The US Coast Guard is waiting for additional forces before it may board a Venezuela-linked oil tanker that it has been following since Sunday.
Silver gains
Silver reached a record high of $72.70 and was last up 0.1% at $71.50 per ounce. Wyckoff said the next target for gold could be $4,600 per ounce, and for silver $75 per ounce by the end of the year. Silver has surged 148% in 2025, while gold is up over 70% in the same period.
Platinum and palladium
Platinum reached $2,377.50 before easing to $2,186.16. Palladium dropped more than 10% to $1,675.43 after hitting a three-year high. Both metals are used in car catalytic converters to reduce pollution. Platinum is up about 143% this year, while palladium has risen over 85%. Analysts say tight mine supply, trade uncertainties, and demand from investors moving into these metals have pushed prices higher.
