Even as gold prices hit all-time highs, China and India continue importing the precious metal in huge volumes. According to Heraeus analysts, non-monetary gold imports in August exceeded 100 tonnes, with Swiss exports to India jumping from 9.9 tonnes in July to 35 tonnes in August, valued at over $3 billion. Analysts believe jewelry makers are stocking up ahead of Diwali and wedding season, keeping demand strong.

Investors are also piling in, with COMEX gold futures rising to 26.6 million ounces and ETF holdings climbing to 96.1 million ounces. Spot gold recently touched $3,831.45 per ounce, approaching new record highs.

Silver is also rallying due to depleting global inventories, with spot prices at $46.69 per ounce. However, only a fraction of silver is available for immediate delivery, fueling further gains.

Meanwhile, platinum prices continue to rise, reaching $1,593 per ounce, driven by tight supply despite normalizing South African production. Analysts predict platinum could climb even higher in the short term, making all three metals hot commodities for investors.