Gold Surges Past $4,500 Record Amid Geopolitical Tensions, Rate Cut Hopes

• Gold reached a new record, exceeding $4,500 an ounce for the first time.
• Rising geopolitical tensions in Venezuela, including US oil tanker blockades, fueled gold's safe-haven appeal.
• Expectations of further US Federal Reserve interest rate cuts next year also boosted non-yielding precious metals.
• Spot gold rose 0.5% to $4,507.27; silver, platinum, and palladium also hit record highs.
• The Bloomberg Dollar Spot Index saw a 0.3% decline.

Why It Matters: Gold hit a record $4,500+ driven by Venezuela tensions and anticipated US rate cuts.