Gold, silver and platinum jumped to all-time highs to extend a historic end-of-year rally for precious metals, with support from escalating geopolitical tensions and US dollar weakness.

Gold rose to an all-time high above $4,500 an ounce on escalating tensions in Venezuela and expectations for more US rate cuts. Silver and platinum also advanced to records.

Gold and silver soared to all-time highs, as escalating geopolitical tensions and bets on further US rate cuts added momentum to the best annual performance in more than four decades.

Gold and silver hovered near record highs, after slower-than-expected inflation in the US supported bets for more interest-rate cuts.