Muscat: Gold edged higher, while silver soared to fresh record territory, capping a standout year driven by tight supply and strategic importance in the U.S. market.

Gold prices climbed 1 percent in spot trading to $4,212.16 per ounce, supported by widespread anticipation that the Federal Reserve will reduce interest rates during its December 9–10 meeting. Despite Friday’s uptick, gold remains on track for a 0.4 percent weekly decline, reflecting broader market volatility ahead of the policy announcement.

Silver, however, took center stage. Prices jumped 2.6 percent to $58.59, extending weekly gains to 4 percent after touching a record high of $59.32 earlier in the week. The white metal has surged 98 percent since the start of the year, fueled by a global supply deficit and its recent designation as a critical metal in the United States, boosting industrial and investor demand.

Other key precious metals showed mixed movement: platinum held steady at $1,646.10, while palladium inched up 0.3 percent to $1,453.39.

Analysts say the markets are now firmly focused on the Federal Reserve’s upcoming decision, with economic experts widely expecting a 25 basis-point rate cut.