- Spot gold rose 0.94% to $5,029 an ounce on Monday night.
- US gold futures are up 1.02%, reflecting investors’ demand for safety.
- Silver jumps 1.85% to top $104 an ounce for the first time.
Gold rose to a record high above $5,000 per ounce. ounce on Monday, extending a historic rally as investors flocked to the safe haven amid rising geopolitical tensions.
Spot gold XAU= rose 0.94% to $5,029.62 per ounce by 2321 GMT, while U.S. gold futures GCcv1 for February delivery rose 1.02% to $5,029.70 a barrel. ounces.
“Our forecast for the year is for gold to peak at $6,400 an ounce with an average of $5,375,” said independent analyst Ross Norman.
Escalating friction between the US and NATO over Greenland has fueled gold’s advance this year against the backdrop of 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 Russian airstrikes overnight knocked out power to over a million Ukrainians amid sub-zero winter temperatures.
Adding to the uncertainty, US President Donald Trump said on Saturday he would impose 100% tariffs on Canada if it follows through on a trade deal with China, warning Canadian Prime Minister Mark Carney that a deal would put his country at risk.
Gold is up 64% in 2025, supported by easing of US monetary policy, central bank demand – with China extending its gold-buying frenzy for a fortnight 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 per ounce for the first time on Friday, building on its 147% rise last year as retail investors and momentum-driven buying added to a prolonged period of tightness in physical markets for the precious and industrial metal.
