Gold and silver prices hit record highs in Asian trade on Monday as concerns over renewed hostilities between Iran and Israel, along with a brewing U.S.-Venezuela conflict, drove up demand for safe havens.
Spot gold jumped 1.4% to a record high of $4,403.60 an ounce, surpassing its October peak, while gold futures for February rallied over 1% to a peak of $4,442.55/oz.
Spot silver rallied over 3% to a record high of $69.4545/oz, while silver futures hit a peak of $69.515/oz.
Broader precious metal prices also advanced, extending recent gains as markets bet on lower interest rates, higher demand, and tighter supplies in the coming year.
Spot platinum rallied over 2% and crossed $2,000/oz for the first time since 2008, while spot palladium surged nearly 5% to a near three-year high of $1,799.20/oz.
Monday’s gains in metal markets are the latest in a long-running rally in the sector, as concerns over slowing global economic growth boosted demand for havens. Increased bets on more U.S. interest rate cuts in 2026 also aided demand for physical assets.
"Gold is driven by a range of structural and cyclical supports—including a Fed easing cycle, persistent central-bank demand, and elevated geopolitical and policy uncertainty. Even as some near-term drivers fade, gold continues to behave as a strategic portfolio allocation rather than a purely tactical hedge," OCBC analysts wrote in a note.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. They warned that silver could pull back on "signs of slowing industrial demand or growth concerns."
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US-Venezuela, M.East jitters boost haven demand Haven demand was buoyed by weekend reports that Israel was planning to brief the U.S. over attacking Iran again, amid concerns that Tehran is continuing with its nuclear efforts.
The two had exchanged a series of strikes earlier in 2025, which culminated in the U.S. bombing Tehran’s nuclear facilities and pressuring the country into a ceasefire with Israel.
Israeli Prime Minister Benjamin Netanyahu and U.S. President Donald Trump are set to meet in the U.S. later in December, where the former is expected to push for more action against Iran.
Adding to global geopolitical uncertainty, weekend reports said the U.S. was preparing to board a third tanker off the coast of Venezuela, amid increasing tensions between Washington and Caracas.
Washington, under Trump, has ramped up its scrutiny of Venezuela, accusing the country of using oil money to fund drug shipments and illegal immigration to the United States. Trump had last week ordered a blockade of sanctioned oil tankers traveling to and from the country, and had also raised the possibility of a ground campaign against the South American nation.
