The Globe and Mail reports in its Wednesday edition that gold prices were set for a 26-per-cent annual surge, their highest since 2010, driven by safe-haven demand and central banks' rate cuts. A Reuters dispatch to The Globe reports that on Tuesday, spot gold rose 0.7 per cent to $2,624.44 an ounce, while U.S. gold futures gained 0.8 per cent to $2,638.90 (all figures U.S.). Strong central-bank purchases and geopolitical uncertainties fuelled gold's rally, reaching an all-time high of $2,790.15 on Oct. 31, 2024. Analysts expect factors supporting gold in 2024 to continue into 2025. MKS PAMP's Nicky Shiels says while gold is in a secular bull market, its trajectory may be less consistent in 2025. Citi's Tom Mulqueen believes the bull market will resume after a pause post-U.S. elections, driven by a worsening labour market, high interest rates and increased ETF demand. Spot silver fell 0.4 per cent to $28.83 an ounce, palladium rose 1.1 per cent to $910.45 and platinum added 0.1 per cent to $904.65. Mr. Mulqueen sees silver prices rising to $36 an ounce in response to a large market deficit and to Fed rate cuts through 2025. Citing headwinds for industrial demand growth in 2025, he doubts silver will outperform gold.