Gold and silver hit record highs

Spot gold was last up 0.6% at $4,506.76 an ounce, after jumping to a new record high of $4,530.60/oz earlier in the day

Gold and silver surged to new record highs on Friday as investors flocked to safe-haven assets amid escalating geopolitical tensions and a weakening U.S. dollar, extending a powerful year-end rally in precious metals.

Spot gold was last up 0.6% at $4,506.76 an ounce by 02:55 GMT, after jumping to a new record high of $4,530.60/oz earlier in the day.

Gold prices were set to climb almost 3% this week as investors sought protection against rising global uncertainty.

Spot silver prices soared more than 4% to hit a new record high of $75.14/oz, set to climb more than 7% this week.

Geopolitical developments were a key driver of the move. Safe-haven demand rose after the U.S. tried to step up pressure on Venezuela’s oil exports, a move that raised concerns about supply disruptions and broader regional instability.

Silver tracked gold’s gains, buoyed not only by its defensive appeal but also by its industrial use, particularly in electronics and clean-energy technologies.

Strong investment inflows and limited availability amplified price moves during holiday-thinned trading conditions.

The rally was further underpinned by weakness in the U.S. dollar, which slid against a range of major currencies.

The dollar has come under pressure amid growing expectations that the Federal Reserve will begin easing monetary policy in 2026 as inflation shows signs of cooling and economic growth moderates.

A softer dollar typically boosts demand for dollar-denominated commodities by making them cheaper for holders of other currencies.

Lower U.S. Treasury yields have also supported non-interest-bearing assets such as gold, as investors reassess the outlook for U.S. rates and shift portfolios toward stores of value.

With liquidity likely to remain thin through the holiday period, price swings could be exaggerated. Still, analysts said the broader fundamentals point to continued strength in gold and silver into the new year.