- Spot gold rises 0.94% to $5,029 per ounce Monday evening.
- US gold futures climb 1.02%, reflecting investor demand for safety.
- Silver jumps 1.85%, topping $104 per ounce for first time.
Gold surged to a record high above $5,000 an ounce on Monday, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical tensions.
Spot gold XAU= rose 0.94% to $5,029.62 per ounce by 2321 GMT, while US gold futures GCcv1 for February delivery gained 1.02% to $5,029.70 per ounce.
“Our forecast for the year is that gold will see a high of $6,400 an ounce with an average of $5,375,” independent analyst Ross Norman said.
Escalating friction between the United States and Nato over Greenland has added fresh momentum to gold’s advance this year on expectations of more 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 with more talks expected next weekend, even as overnight Russian airstrikes knocked out power for over a million Ukrainians amid subzero winter cold.
Adding to uncertainty, US President Donald Trump said on 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, underpinned by US monetary policy easing, central bank demand – 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 per ounce. Spot platinum XPT= fell 0.21% to $2,762.25 per ounce, while spot palladium XPD= rose 0.22% to $2,014.50 per ounce.
Spot silver climbed above $100 an ounce for the first time on Friday, building on its 147% rise last year as retail investor and momentum-driven buying added to a prolonged spell of tightness in physical markets for the precious and industrial metal.
