Gold and silver prices surged to unprecedented heights on Wednesday, fueled by anticipation of interest rate cuts from major central banks and escalating global tensions. Spot gold rose by 1.1% to $2,450.70 per ounce, while U.S. gold futures soared by 1.3% to $2,454.20. Silver skyrocketed by 2.8% to $32.54 per ounce, a level not seen in over a decade. Analysts attribute this surge to growing speculation of rate cuts by the Federal Reserve and other banks, making gold and silver more attractive due to their lack of interest payment and lower rates reducing the cost of holding them. Geopolitical concerns are further driving investors towards these safe-haven metals, which have long been sought after during uncertain times. Other precious metals had mixed movements, with platinum edging up by 0.2% and palladium dipping by 1.3%. As markets await rate decisions and global headlines, these metals are likely to continue attracting investors seeking stability in volatile times.

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