Gold rose 0.4% to $4,205.36 per ounce on Tuesday ahead of the U.S. Federal Reserve’s interest rate decision, while silver surged past $60 per ounce for the first time, hitting $60.52.

The rally in silver was driven by strong industrial demand, low global supplies, and its recent designation as a U.S. critical mineral.

Traders are anticipating a 25-basis-point Fed rate cut, though strong October job openings slightly reduced expectations for easing.

Analysts say gold and silver could continue climbing, with silver potentially surpassing $70 an ounce and gold approaching $5,000 in 2026, CNBC has reported.

Platinum and palladium also saw gains, rising 2.8% and 2.6% respectively.