Gold prices have risen more than 60% this year, while silver prices have doubled, approaching their highest annual level since 1979, according to experts. The increase was driven by active purchases by central banks and a shift by investors away from government bonds and currencies.
Gold prices were hovering around $4,270 an ounce after rising 1.2% on Thursday.
“Gold prices are forecast to continue rising through 2026 as robust demand from central banks, coupled with accommodative policies and ongoing geopolitical tensions, provide strong support for the macroeconomic environment,” said Hebe Chen, senior market analyst at Vantage Markets.
Holdings in gold-backed exchange-traded funds have increased every month this year except May, according to the World Gold Council.
Meanwhile, silver has strengthened in recent weeks on the back of rising demand and tensions in major trading centers, hitting a record high of $64.3120 an ounce on Thursday.
Platinum fell slightly on global exchanges, while palladium rose.
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