Gold and Silver Prices Set New Records

Gold prices rose above the $4,600 per-ounce mark for the first time on Monday. Silver also climbed to a record high, supported by geopolitical and economic uncertainty and growing expectations of U.S. interest rate cuts.

Spot gold gained 1.3% to $4,469.49 per ounce by 02:03 GMT, after earlier reaching a record $4,600.33. U.S. gold futures for February delivery advanced 2% to $4,591.10. Analysts said geopolitical risks were a key factor driving strong intraday gains in both gold and silver.

Unrest in Iran has added to market concerns, with reports that more than 500 people have been killed. Tehran has threatened to target U.S. military bases if President Donald Trump carries out renewed threats to strike the country.

The tensions come as Trump has stepped up U.S. actions abroad, including the removal of Venezuela’s president and discussions over acquiring Greenland. In the United States, employment growth slowed more than expected in December, with job losses in construction, retail and manufacturing, although the unemployment rate fell, suggesting the labour market remains resilient.

Investors are currently pricing in at least two Federal Reserve interest rate cuts this year. A softer labour market and a weaker dollar have supported demand for non-yielding assets such as precious metals.

Spot silver jumped 3.5% to $82.72 per ounce after hitting an all-time high of $83.96 earlier in the session. Platinum rose 3.2% to $2,345.40 per ounce, while palladium gained 3.3% to $1,875.68.

Kursiv also reports that Uzbekistan’s gold and foreign exchange reserves surpassed $66.3 bn at the start of 2026.