Spot gold hits an all-time high of $4,441.92, spot silver hits a new high of $69.44

Gold climbed more than 2% to a record high on Monday, powered by safe-haven flows, while silver also hit an all-time high.

Spot gold was up 2.2% at $4,434.26 per ounce by 1854 GMT after hitting an all-time high of $4,441.92 earlier.

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, the analyst said.

In other news seen as supportive for gold, U.S. President Trump could name a new central bank Chair by early January, replacing Jerome Powell, who is set to retire in mid-2026, CNBC reported, as the country’s stock markets watch closely amid expectations the new Chair may align with president’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 more than 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.