Investing.com-- Gold prices climbed above $4,500 an ounce for the first time on Wednesday, extending a historic rally as investors sought safe havens amid heightened geopolitical tensions and firm expectations that the U.S. Federal Reserve will cut interest rates further next year.

In the case of gold, central bank hoarding, exchange-traded funds (ETFs) purchases, a weaker dollar, and falling interest rates have served as major tailwinds. Few of these are expected to ease in the year ahead.

Selling gold for cash isn't a "one price fits all" deal. Prices can vary substantially any day of the week — and by what a buyer is willing to pay.

Gold exposure is 6 basis points, or 0.06 percentage points, below its 2012 peak since the launch of gold ETFs in the mid-2000s.

Gold and silver prices stay supported as higher lows hold, rising channels persist, and markets reprice 2026 Fed rate cuts amid thinning year-end liquidity.

Gold prices surged 50% in 2025, topping $4,400/oz. Inflation, dollar weakness, central bank buying and global uncertainty can fuel demand.

Banks and strategists say gold's bull run may extend into 2026 even without a major crisis. Gold is finishing 2025 at all-time highs, and the momentum is set to extend into 2026.

The metals were again the big movers in early Asian trade. Spot gold prices climbed 0.8% to another all-time high of $4,524 per ounce, bringing the gain for this year to 72%. Silver jumped 1.2% to a record $72.27 per ounce, and was set for an annual rise of almost 150%, its best year ever.