Gold and silver prices surged as investors turned to precious metals amid expectations of a December rate cut by the Federal Reserve. Gold futures surpassed $4,270 per ounce and are up over 60% year-to-date, outperforming the S&P 500 and bitcoin. Silver hit all-time highs above $58 per ounce, up 100% this year. Federal Reserve dovish comments have increased expectations for a rate cut this month, pushing gold and silver prices higher. The US dollar index dropped as investors feared unwinding positions due to a potential rate hike in Japan, contributing to the precious metals rally. Silver, platinum, and palladium markets are smaller and more prone to price squeezes. Platinum has surged over 85% year-to-date, while palladium has rallied 65%. Goldman Sachs predicts gold prices to reach $4,900 by the end of next year, with UBS raising its target to $4,500 per ounce by mid-2026. UBS analysts remain bullish on gold, citing its role as a portfolio diversifier and geopolitical hedge.

Read more at Yahoo Finance: Gold, silver rise with crypto sell-off ‘contributing to the precious metals rally’