On December 24, the precious metals market exhibited strong performance, with FPG Wealth International noting that gold and silver prices continued to rise during the U.S. afternoon trading session, both reaching new all-time highs earlier in the day. Despite a pullback in gold prices following robust U.S. GDP data, heightened geopolitical tensions reignited safe-haven demand in a holiday-shortened trading week.

February gold futures recently hit a record high of $4,530.80 per ounce, marking the 50th time this year that gold has broken its historical record. FPG Wealth International highlighted that gold's 70% year-to-date surge suggests it is on track for its strongest annual performance since 1979. Silver has been even more remarkable, with gains exceeding 130% this year.

On the macroeconomic front, U.S. third-quarter GDP grew at an annualized rate of 4.3%, the highest in two years, with consumer spending rising 3.5%. This data reinforced hawkish monetary policy expectations, reducing the likelihood of further near-term rate cuts.

Meanwhile, geopolitical friction provided solid support for gold prices. FPG Wealth International pointed out that recent U.S. restrictions on oil tankers in certain regions have escalated tensions, boosting demand for safe-haven assets. Although October durable goods orders fell 2.2% month-on-month, reflecting manufacturing weakness, market focus remained skewed toward safety amid global uncertainties.

Technically, FPG Wealth International sees February gold futures targeting the key resistance level of $4,600, while silver bulls aim to consolidate above the $75.00 threshold. The weakening U.S. dollar index and fluctuating Treasury yields remain pivotal to short-term price movements. FPG Wealth International will continue monitoring geopolitical developments for their broader impact on commodity markets.