Gold and silver prices have reached record highs, driven by a combination of escalating geopolitical tensions and expectations of U.S. interest rate cuts. Factors contributing to this surge include conflicts in Venezuela, Russia-Ukraine hostilities, and U.S. military actions in Nigeria. Investors are seeking safe-haven assets amid global uncertainty. Additionally, a weaker U.S. dollar and strong central bank buying are supporting precious metal prices, with silver outperforming gold year-to-date due to industrial demand and its inclusion on a critical minerals list.