Gold surged past $4,000 per ounce for the first time on Wednesday, fueled by geopolitical and economic uncertainty and expectations of U.S. interest rate cuts, with silver also hitting record highs.

Spot gold rose 1.52% to $4,044.09, while December U.S. gold futures settled at $4,070.50, up 1.7%.

Silver climbed 2.4% to $48.97, after briefly reaching $49.57, with tight supply and strong demand supporting the rally.

Analysts cited factors such as central bank buying, ETF inflows, a weakening dollar, and global crises—including conflicts in the Middle East and Ukraine—as driving demand for safe-haven metals, CNBC has reported.

Platinum and palladium also advanced, reaching multi-year highs, while gold’s RSI of 88 indicates the market is currently overbought.