Spot silver prices rose 2.1% to $31.61 per ounce, platinum rose 2.3% to $950.85, and palladium jumped 3.2% to $986.50.
Gold rose in spot transactions 1% to $2,657.98 per ounce, and gold futures in the United States rose 0.8% to $2,679.70.
Analysts said, “Low US interest rates and continued strong demand from central banks are supporting the price of gold. It was certainly good to see purchases by the Chinese central bank again last month, but other central banks were also buying large quantities.”
The Chinese central bank, the world’s largest gold consumer, resumed gold purchases in November, which could boost investor demand, and the People’s Bank of China halted an 18-month buying streak in May.
“The decision to increase gold holdings, especially after Trump’s recent election victory, reflects the People’s Bank of China’s proactive approach to protecting economic stability amid evolving global conditions,” OCBC analysts said in a note.
