Gold jumped past the $4,400-per-ounce level for the first time on Monday, December 22, 2025, riding on growing expectations of further United States rate cuts and strong safe-haven demand.
Silver also joined the rally to hit an all-time high.
Spot gold was up 1.4% at $4,397.16 per ounce, as of 0502 GMT, after breaking the $4,400 barrier to hit a record high of $4,400.29 earlier in the day. Spot silver climbed 3.3% to hit a historic high of $69.44.
U.S. gold futures for February delivery rose 0.98% to $4,430.30 per ounce.
Bullion has gained 67% so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.
Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.
StoneX senior analyst Matt Simpson said: “With December usually producing positive returns for gold and silver, seasonality is on their side.
“Given that gold has already risen 4% this month and we’re nearing the end of the year, bulls may want to tread with caution as volumes are to deplete and odds of profit-taking are also likely on the rise.”
Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.
Elsewhere, platinum jumped 4.3% to $2,057.15, hitting its highest in more than 17 years, while palladium climbed 4.2% to $1,786.45, hitting a near three-year high.
