Safe-haven buying and bets on more United States rate cuts drove precious metals to fresh records Monday, with gold breaking above $4,400 an oz. and silver also touching an all-time high.
Spot gold rose 2.3% to $4,436.29 an oz. (C$6,098.25) by late morning in New York after notching $4,440.21, while February futures climbed nearly 2% to $4,471.10. Spot silver gained 2.1% to $68.55 after peaking at $69.44.
“The obvious target for gold bulls is $5,000 next year,” an analyst at Nemo.Money told Reuters, calling the move a momentum break after a bullish consolidation.
The late-year jump caps a blockbuster 2025 for bullion, underpinned by central-bank buying, exchange-traded fund (ETF) inflows and a weaker dollar.
Some banks see more upside into 2026. Goldman Sachs has forecast gold at $4,900 by December next year.
The surge caps a breakout year for bullion – gold is up about 68% and silver about 139% – as the dollar slid and demand broadened from central banks and physically backed ETFs.
Platinum jumped to a 17-year high at $2,057.15 and palladium touched a near three-year high at $1,786.45 per ounce. Thin year-end trading could amplify swings, analysts said.
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