Gold prices on the spot market exceeded $4,500 per ounce for the first time on December 24, setting a new record as investors sought safe-haven assets amid rising geopolitical tensions, Interfax reported on December 24.

Spot gold rose 0.1% to $4,490.56 per ounce by 9.31am Moscow time, having reached a record $4,525.77 per ounce earlier in the session. Comex futures established a new historical maximum at $4,555.10 per ounce before retreating to $4,520.60 per ounce by 10am Moscow time, up 0.3% from the previous trading day.

Investors continue to purchase gold as a protective asset amid growing geopolitical tensions, including the Russian war in Ukraine. US command has also deployed special-purpose aircraft and transport planes carrying military personnel and ammunition to the Caribbean region, The Wall Street Journal reported, citing sources.

The US has conducted a pressure campaign against Venezuela for several months, including deploying thousands of servicemen and a carrier strike group to the Caribbean Sea, strikes on suspected drug traffickers and repeated threats against Venezuelan President Nicolas Maduro.

In addition, Tensions between China and Japan remain elevated, alongside the situation in Eastern Europe, also pushing Asian buyers into the metal.

Expectations of further monetary policy easing by the US Federal Reserve amid labour market cooling and slowing inflation provide additional support to prices.

Silver and platinum also set historical maximums on December 24, whilst palladium reached a three-year peak. Spot silver prices rose 1% to $72.15 per ounce, having reached a record $72.70 per ounce during the session.

Platinum gained 2.8% to trade at $2,353.44 per ounce after retreating from an all-time high of $2,381.53 per ounce. Palladium increased 5.2% to $1,954.65 per ounce with an intraday maximum of $1,962.42 per ounce.