- Spot gold rose 0.94% to $5,029 an ounce late Monday.
- US gold futures climb 1.02%, reflecting investor demand for safety.
- Silver jumped 1.85%, surpassing $104 an ounce for the first time.
Gold hit a record high above $5,000 an ounce on Monday, extending a historic rally as investors rushed to the safe-haven asset amid growing geopolitical tensions.
Spot gold
“Our forecast for the year is that gold will peak at $6,400 an ounce, averaging $5,375,” said independent analyst Ross Norman.
Intensifying friction between the United States and NATO over Greenland has given further impetus to gold’s advance this year on expectations of greater financial and geopolitical uncertainty.
Geopolitically, Ukraine and Russia completed a second day of U.S.-brokered negotiations in Abu Dhabi on Saturday, without reaching a deal but with more talks expected next weekend, even as overnight Russian airstrikes knocked out power to more than a million Ukrainians in bitter winter weather.
Adding to the uncertainty, U.S. President Donald Trump said Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China and warned Canadian Prime Minister Mark Carney that a deal would put his country at risk.
Gold has soared 64% in 2025, supported by easing US monetary policy, demand from central banks – with China extending its gold buying spree for a fourteenth month in December – and record inflows into exchange-traded funds.
Spot silver XAG= rose 1.85% to $104.85 an ounce. Spot platinum XPT= fell 0.21% to $2,762.25 an ounce, while spot palladium XPD= rose 0.22% to $2,014.50 an ounce.
Spot silver climbed above $100 an ounce for the first time on Friday, building on its 147% rise over the past year as retail investors and momentum-driven buying added to a prolonged period of stress in physical markets for the precious and industrial metal.
