Precious metal market heats up: Silver price surpasses 72 USD/ounce

According to Reuters, spot silver prices increased 3.2% to 71.22 USD/ounce at According to Reuters (20:10 GMT), after reaching a historical peak of 71.49 USD earlier in the day. Since the beginning of the year, silver prices have increased by 147%.

At 9:52 a.m. on December 24 (Vietnam time), the world spot silver price was listed at 72.45 USD/ounce.

The core of this increase is the fact that supply and demand in a market have fallen into a 5-year deficit, along with increasing industrial demand. The safe-haven role, weak US dollar expectations and falling yields are also helping to support prices, said Peter Grant, VP and senior metals strategist at Zaner Metals.

Cilders next target is $75, but year-end profit-taking could trigger a correction.

The USD decreased in a shortened trading week due to the holiday. The weakening of the greenback makes USD-denominated metals more attractive to overseas buyers.

Spot gold prices also increased sharply. Recorded at 9:56 a.m. on December 24 (Vietnam time), the listed price was around $4,508.9/ounce.

Gold prices have increased by about 70% since the beginning of the year, thanks to geopolitical tensions, US interest rate cuts, strong central bank buying and solid investment demand.

We continue to see a long-term trend that central banks diversifying foreign exchange reserves will be a major driver to support gold prices through the end of the decade, SP Angel analysts said in a report.

We expect gold to reach $5,000/ounce next year, the report said.

In the latest developments in geopolitical tensions, US President Donald Trump last week ordered the calling off of all sanctioned tankers entering and leaving Venezuela, and said he would not rule out the possibility of war with the country.

platinum prices for delivery last night also increased by 6.8% to $2,268.95, after soaring to a record $2,274.10/ounce the previous day. Palladium rose 6.5% to a three-year high of $1,874.22. These two brother metals are used in car catalysts, helping to reduce toxic emissions.

Earlier this month, the European Commission announced plans to lift a practical ban on internal combustion engine vehicles by 2035.

This information is considered "a drug shot for platinum metal group (PGMs), extending their role in catalytic trans fats" - Mitsubishi analysts commented in a report this week.