The price of spot gold and silver has been climbing due to a combination of factors such as the central bank's gold buying wave, the Federal Reserve's interest rate cut and the regional situation. Gold closed up 27% in 2024, the largest annual gain since 2010. During this period, it continued to set record highs, and once approached the $2,800 mark in October. Silver closed up 21%, hitting a more than 10-year high of $34.86 and now hovering around $28.9 an ounce. Gold outperformed silver as a whole, with gold and silver gaining 4.8% over the whole year.