Just when you thought precious metals had hit their peak, prices have soared even further.
Gold and silver both reached record highs on Monday, as reported by Reuters. Gold climbed 1.9 percent to $4,428.92 an ounce, surpassing the previous record of $4,381 an ounce set in October. Silver, meanwhile, soared 3.4 percent to $69.44 an ounce.
Precious metals tend to rise in price at times of global political and economic uncertainty, as investors look for safe and reliable places to put their money. Gold has jumped more than 68 percent this year, marking the metal’s strongest annual performance since 1979. Silver surged 138 percent this year, resulting in the metal’s biggest annual gain in more than five decades. In addition, platinum jumped 5.3 percent to $2,06.8, achieving its highest price in more than 17 years. Palladium prices also climbed 3.2 percent to $1,767.68, reaching a near three-year high.
The latest jump in gold prices comes amid an escalating standoff between the United States and Venezuela. U.S. President Donald Trump last week ordered a “blockade” of sanctioned oil tankers entering and leaving Venezuela, increasing the pressure on President Nicolás Maduro by targeting his government’s main source of income.
“Support in the near-term is coming from raised geopolitical tensions between the U.S. and Venezuela,” said an analyst at Nemo.Money. “Gold prices have been hovering just below record highs in recent sessions, so this looks like a simple textbook momentum break to the upside after recent bullish consolidation, in holiday markets with less volume.”
The most recent surge in silver prices can be attributed to the persistent supply-demand deficit, as well as growing import demand in India over the festive period, Macquarie strategists say.
The prices for both metals are expected to continue on an upward trajectory in 2026. “The obvious target for gold bulls is $5,000 next year,” an analyst at Nemo.Money adds. Silver is expected to hit an average of $57 an ounce in 2026, according to Macquarie strategists.
The climbing price of gold, in particular, is having a direct impact on the watch and jewelry industry. Rolex hiked the prices of its gold timepieces at the start of the year, for example. At least you can call all your 24-karat Rollies solid investments.
