Precious metals rally pauses! Gold falls below 4500, palladium futures hit limit down, silver fluctuates at high levels.

```

After a record-breaking rally, the precious metals market collectively entered a technical correction on Thursday. Gold pulled back below $4,500 after reaching an intraday all-time high, domestic palladium futures main contract hit the daily limit down, while silver remained volatile at high levels after setting a historic high.

Spot gold is currently down to $4,479.38 per ounce, after touching a historical high of $4,525.18. Palladium fell over 9%, retreating from a three-year high. In the domestic market, the main contract of palladium futures at the Guangzhou Futures Exchange hit the daily limit down, dropping about 10% at one point, while the main contract of platinum futures fell more than 8% at one point.

Jim Wyckoff, Senior Analyst at Kitco Metals, said the gold market is undergoing a technical adjustment and moderate profit-taking. Gold typically performs well during periods of low interest rates and uncertainty.

US President Trump said on Tuesday that he hopes the next Fed Chair will cut interest rates when the market performs well. The Fed has cut rates three times this year, and traders currently expect two more cuts next year. On the geopolitical front, the US Coast Guard is awaiting reinforcements arriving in Venezuela.

Gold Sees Profit-Taking, Technical Picture Remains Bullish

After breaking through the key $4,500 level, the gold market experienced a technical correction. Despite the short-term pullback, analysts remain optimistic about the outlook. Wyckoff noted that the next upside target for the gold market is $4,600 per ounce, expected to be reached by year-end with the technical trend still bullish.

Gold has risen over 70% so far this year, benefiting from Fed rate-cut expectations and ongoing geopolitical tensions. The low interest rate environment supports non-yielding gold assets, while global uncertainty drives safe-haven demand.

Silver Continues Setting New Highs, Annual Gain Far Exceeds Gold

Silver performed even more strongly, hitting a new historical high of $72.70 intraday and then staying at $71.80, up 0.49% on the day. Silver prices have soared 149% this year, far surpassing gold’s 70% rally, with robust fundamentals supporting its performance.

Wyckoff expects silver’s next upside target is $75 per ounce, which is also likely to be reached before the end of the year. Silver’s dual attributes of industrial demand and investment appeal have provided a greater boost in this round of the precious metals bull market.

Platinum and Palladium See Sharp Correction as Profit-Taking Intensifies at High Levels

Platinum turned lower after reaching a peak of $2,377.50, closing down 2.4% at $2,220.44. Palladium’s correction was even more severe, diving over 9% to $1,683.58 per ounce, sharply retreating from the three-year high hit earlier.

Platinum and palladium are mainly used in automotive catalytic converters to reduce emissions, and have risen about 145% and over 85% respectively this year. The rallies in these two metals have been mainly driven by tight mining supply, tariff uncertainties, and a rotation of investment demand from gold into other precious metals. The sharp adjustment in the domestic market reflects a concentrated release of profit-taking pressure at high levels.

Risk Disclosure and Disclaimer ClauseThe market carries risks; investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users’ specific investment objectives, financial status, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investing based on this article is at your own risk. ```