Gold jumps over 2% to all-time peak, silver follows with record gain

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Gold hits all-time high of $4,441.92/oz

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Silver hits record high of $69.44/oz

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Platinum ‍at over 17-year high

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Palladium hits near three-year high

By Sherin Elizabeth Varghese

Dec 22 - Gold jumped more than 2% to a record high on Monday, powered by safe-haven flows as U.S.-Venezuela tensions flared, while silver also touched an all-time peak.

Spot gold was up 2.2% at $4,434.26 per ounce by 1:54 p.m. ET after hitting an all-time high of $4,441.92 earlier. ⁠U.S. gold futures for February delivery settled 1.9% ⁠higher at $4,469.40 per ounce.

"Support in the near-term is coming from raised geopolitical tensions ⁠between the U.S. and Venezuela ... 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," said an analyst at Nemo.Money.

"The ​obvious target for gold bulls is $5,000 next year."

U.S. President Donald Trump last week announced a "blockade" of all oil tankers under sanctions entering and leaving Venezuela.

In other news seen as supportive for gold, Trump could name a new Fed Chair by early January, replacing Jerome Powell, who is set to retire in mid-2026, CNBC reported, as markets watch closely amid expectations the new chair may align with Trump's push for further rate cuts.

Gold as a safe-haven ​asset ⁠tends to thrive during periods of geopolitical and economic uncertainty. Gold has surged more than 69% this year in its biggest ⁠annual rise since 1979, fuelled by strong central bank buying, safe-haven flows, and ‌lower interest rates.

Spot silver was up 1.9% at $68.40 after hitting a new high of $69.44. Prices are up over 136% so far this year.

The drivers behind silver's recent ​highs have centred on the persistent supply-demand deficit and import demand growing in India over its festive period, said Macquarie strategists, adding that they expect silver to average $57 an ‍ounce in 2026.

The U.S. dollar edged ‍lower against ⁠a basket of other major currencies, making dollar-priced bullion more affordable for overseas buyers.

Platinum jumped 5.4% to $2,079, hitting its highest in more than 17 years, while palladium climbed 2.1% to $1,748.84, hitting a near three-year high.

This article was generated from an automated news agency feed without modifications to text.