Gold Surpasses $4,400 Per Ounce as Silver Hits Record High

Gold soared past $4,400 per ounce for the first time on Monday, driven by growing expectations of US rate cuts and strong demand for safe-haven assets. Silver also joined the rally, reaching an all-time high, Reuters reports.

Spot gold was up 1.4% at $4,397.16 per ounce as of 05:02 GMT, having briefly hit a record $4,400.29 earlier in the day. Spot silver climbed 3.3% to a historic $69.44. US gold futures for February delivery rose 0.98% to $4,430.30 per ounce.

Bullion has surged 67% this year, breaking multiple records and surpassing both $3,000 and $4,000 per-ounce levels for the first time. It is set for its largest annual gain since 1979. Silver has risen 138% year-to-date, outpacing gold as strong investment inflows meet persistent supply constraints.

Gold, traditionally seen as a safe-haven asset, has been supported by geopolitical and trade tensions, steady central bank purchases, and expectations of lower interest rates next year. A weaker dollar has also helped, making the metal cheaper for overseas buyers.

Markets are pricing in two US rate cuts for 2026 despite the Federal Reserve signalling caution. Non-yielding assets such as gold typically benefit from lower rates. Simpson noted that a slower US jobs market and a dovish Fed stance could further boost gold prices.

Other precious metals saw strong gains on Monday. Platinum rose 4.3% to $2,057.15, its highest in over 17 years, while palladium climbed 4.2% to $1,786.45, approaching a three-year high.

Kursiv also reports that as of early December 2025, Uzbekistan’s gold and foreign currency reserves reached a record $61.2 bn.