- Spot gold rose 0.94% to $5,029 an ounce on Monday night.
- US gold futures rise 1.02%, reflecting investor demand for safety.
- Silver jumps 1.85%, surpassing $104 an ounce for the first time.
Gold rose to a record high above $5,000 an ounce on Monday, extending a historic rally as investors flocked to the safe-haven asset amid rising geopolitical tensions.
Spot gold
“Our forecast for the year is that gold will peak at $6,400 an ounce with an average of $5,375,” said independent analyst Ross Norman.
Growing friction between the United States and NATO over Greenland has added fresh impetus to gold’s advance this year amid expectations of greater financial and geopolitical uncertainty.
On the geopolitical front, Ukraine and Russia ended a second day of US-brokered talks in Abu Dhabi on Saturday without a deal, but more talks are expected next weekend, even as overnight Russian airstrikes left more than a million Ukrainians without power amid sub-zero winter cold.
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 endanger his country.
Gold soared 64% in 2025, supported by easing US monetary policy, central bank demand (with China extending its gold buying spree for a 14th 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 rose above $100 an ounce for the first time on Friday, building on its 147% rise last year, as retail investors and impulse buying added to a prolonged period of tightness in physical markets for the precious and industrial metal.
