Geopolitical tensions have also enhanced the haven appeal of precious metals. The US has intensified an oil blockade against Venezuela, stepping up pressure on the government of President Nicolás Maduro, while Ukraine attacked an oil tanker from Russia’s shadow fleet in the Mediterranean Sea for the first time.

Precious metals are capping a historic year, with gold and silver both heading for their strongest annual gains since 1979. Silver has more than doubled and gold has surged about two-thirds, underpinned by increased central-bank buying and inflows into bullion-backed exchange-traded funds.

Gold-backed ETFs have seen rising inflows for five straight weeks, according to data compiled by Bloomberg, and World Gold Council figures show total holdings in these funds have risen every month this year except May. Meanwhile, silver has been bolstered in recent weeks by surging demand, as well as tightness and dislocations across major trading hubs.