Sri Lanka, Dec. 24 -- Gold rose to a record above US$ 4,500 an ounce on escalating tensions in Venezuela and expectations for more US rate cuts. Silver and platinum also advanced to all-time peaks.

Spot gold prices rose 0.9% to $4,486.55 an ounce, after hitting a record high of $4,497.55 earlier in the session. U.S. gold futures for February delivery rose 1.1% to $4,519.20 an ounce.

Silver also rose, with spot prices rising 0.8% to $69.56 an ounce, after hitting a record high of $69.98. Silver has gained more than 141% since the beginning of the year, outpacing gold in terms of growth amid supply shortages, high industrial demand and active investment inflows.

According to Pepperstone senior strategist Michael Brown, the market may ent...