Gold rose to an all-time high as escalating geopolitical tensions and bets on further US rate cuts added momentum to the best annual performance in more than four decades. Bloomberg's Martin Ritchie breaks down the situation.

Wall Street

Gold has climbed to record highs, with prices rising more than two-thirds over the year. The surge is attributed to a combination of factors, including expectations of lower US interest rates, a weakening US dollar, and growing geopolitical tensions. 

Analysts and major banks, such as Goldman Sachs, have identified gold as a top commodity pick for the coming year, forecasting prices could reach $4,900 or higher if private investor participation increases. Other precious metals, including silver, platinum, and palladium, have also seen significant gains amid low market liquidity and year-end trading conditions.

Gold climbs to record high amid geopolitical tensions

Metal traders are seeing multiple all-time highs as gold, silver and copper see positive momentum. For more, we're joined now by Bloomberg's metals reporter Martin Ritchie in Shanghai. Martin, talk us through then what we're seeing with these record highs, a host of different drivers for the precious metals versus the more industrial type. Yes, quite an exciting start to this final full week of this year and it's been a quite amazing year for metals on the whole. So just taking a step back, you've now got gold up more than two-thirds this year. It's benefiting from a prospect of lower interest rates in the US next year from what's now called the debasement trade, this growing level of decreasing trust in central banks. The US dollar has been weaker. Then you've got these geopolitical tensions as well, stirring all the time. Gold into next year, a lot of banks, a lot of analysts have picked it as their favorite metal, their favorite commodity for next year. Goldman Sachs saying it could be on course for 4,900 next year, even higher if some of the private investors who are less exposed to gold so far start putting more money into the metals. What you're seeing today across the complex, you're seeing all the other precious metals gain a lot. These are relatively small markets and in a illiquid time of year, with all this going on there, they're bound to make quite sharp moves. You've seen silver, platinum, palladium all spike up today. So quite a lot going on towards the end of the year. And is the momentum that we've got now sustainable, do you think? In the precious metals space, it's hard to find people who are bearish going into next year. I mentioned Goldman just now, but across a whole sweep of people that watch this market, all the signs are that this could go further. When you've got these, we're in very uncertain times geopolitically. And in this kind of period, it's when gold does tend to shine, and that's not going to change anytime soon. And as I said, there's not a huge amount of money, private investor money in gold so far. And the more that does go into that market, given all those fears, the more you could see gold rise.

At least 15 documents related to Jeffrey Epstein that were initially made public have been pulled from the Justice Department website. The agency says it will keep reviewing and redacting materials to "protect victims."

Washington

Epstein files pulled down to 'protect victims'

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Caracas

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Bekkersdal

At least nine people killed in South Africa pub shooting

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Ukraine Invasion

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Islamabad

Former Pakistani PM Imran Khan convicted to 17 years in prison

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Oil tanker seized off Venezuela, second in two weeks

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Justice Department releases more Epstein documents Saturday

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Damascus

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Taipei City

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Washington County

Justice Department releases new tranche of Epstein files

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Combing through newly released Epstein files

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Kyiv

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Moscow

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Salem

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Council of the City of Sydney

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Beijing

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Brussels

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Breakdown