Gold prices jumped above $5,100 per ounce on Monday, reaching an all-time high and continuing a historic upward trend amid escalating geopolitical tensions that have driven demand for safe-haven assets.
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Spot gold rose 2.2% to $5,089.78 per ounce by 06:56 GMT, after touching a record high of $5,110.50 earlier.
U.S. gold futures for February delivery also gained 2.2%, reaching $5,086.30 per ounce.
The yellow metal surged 64% in 2025, marking its largest annual gain since 1979, driven by safe-haven demand, accommodative U.S. monetary policy, and increased central bank purchases—including China’s fourteenth consecutive month of buying in December—alongside record inflows into exchange-traded funds.
Prices have reached consecutive record highs over the past week and are already up more than 18% so far this year.
The U.S. president unexpectedly withdrew threats on Wednesday to impose tariffs on European allies as leverage over Greenland. Earlier in the week, he said he would impose 100% tariffs on Canada if it concluded a trade deal with China, and also threatened 200% tariffs on French wine and champagne in an apparent attempt to pressure French President Emmanuel Macron to join the “Peace Council” initiative.
Some observers fear the council could undermine the UN’s role as a key global platform for conflict resolution, although Trump said he would work with the UN.
A rise in the Japanese yen led to a broad decline in the U.S. dollar early Monday, as markets prepared for potential Japanese government intervention and traders reduced positions ahead of this week’s U.S. Federal Reserve meeting.
A weaker dollar gives holders of other currencies greater opportunity to buy dollar-denominated gold.
Analysts expect gold prices to rise further to reach $6,000 this year, fueled by rising global tensions and strong demand from central banks and individual investors.
Among other precious metals, spot silver jumped 4.8% to $107.903 after reaching a record high of $109.44. Platinum rose 3.4% to $2,861.91 per ounce, following a session high of $2,891.60, while palladium increased 2.5% to $2,060.70 per ounce, marking its highest level in over three years.
Silver surpassed $100 for the first time on Friday, after climbing 147% over the past year, driven by retail investor inflows and buying momentum amid growing shortages in the physical silver market.
Reuters
