PRECIOUS-Gold tops $4500 while silver, platinum surge to new peaks

Updates for EMEA mid-session trading

By Pablo Sinha

Dec 24 (Reuters) - Gold broke above $4,500 an ounce for the first time on Wednesday while silver and platinum also marked new record highs, as safe-haven demand and expectations of further U.S. rate cuts next year fuelled speculative interest in precious metals.

Spot gold XAU= was up 0.2% at $4,494.49 per ounce at 1220 GMT, after marking a record high of $4,525.19 earlier in the session. U.S. gold futures GCcv1 for February delivery climbed 0.4% to $4,523.10.

Silver XAG= hit an all-time high of $72.70 and was last up 1.3% at $72.32 an ounce, while platinum XPT= peaked at $2,377.50 before paring gains to stand 1.6% higher at $2,312.70.

Palladium XPD= was down 1.5% at $1,830.37 an ounce, retreating after touching its highest in three years.

"The lack of any bearish factors and strong momentum, all backed by solid fundamentals, which include continued central bank buying, a falling U.S. dollar and some level of haven demand," is supporting gold, said Fawad Razaqzada, market analyst at City Index and FOREX.com.

"Other base metals like copper have been climbing, which is providing support for the whole commodities complex in terms of metals."

Gold has risen more than 70% this year, its biggest annual gain since 1979, as investors flock to safe-haven assets amid geopolitical tensions and with expectations that the U.S. Federal Reserve will continue to ease monetary policy.

U.S. President Donald Trump said on Tuesday he wants the next Fed chairman to lower interest rates if markets are doing well.

Non-yielding assets such as gold tend to do well in a low-interest-rate environment, with traders currently pricing in two rate cuts next year. FEDWATCH

Silver has surged more than 150% year-to-date, outpacing gold on strong investment demand, its inclusion on the U.S. critical minerals list and rising industrial use.

"The risk of a major drop in the gold price would seem largely linked to a slowing of outright gold buying, such as by emerging market central banks," analysts at Societe Generale said in a note. "Barring such an event, investor positions suggest that the extraordinary surge in gold prices is likely to continue, supporting our Commodities strategists' forecast ($5,000/oz by end-2026)."

Platinum and palladium, primarily used in automotive catalytic converters to reduce emissions, are up about 160% and more than 100%, respectively, year-to-date, on tight mine supply, tariff uncertainty, and a rotation from gold investment demand.

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(Reporting by Pablo Sinha and Sherin Elizabeth Varghese in Bengaluru; Editing by Kirsten Donovan)

((Pablo.Sinha@thomsonreuters.com;))