Global Gold and silver soar in year-end rally

Gold broke above $4,400 per ounce on Monday, while silver approached $70, as expectations of looser U.S. monetary policy and geopolitical tensions drove both metals to new record highs. Spot gold traded as high as $4,435.28, while silver hit $69.44, adding to huge gains this year.

Bullion has hit multiple record highs this year, underpinned by U.S. interest rate cuts and a weaker dollar. Analysts see more upside into next year, with Goldman Sachs forecasting gold at $4,900 by December 2026.

The dollar has slumped 9% in 2025, putting it on track for its worst year in eight. Many investors expect the currency’s decline to resume in 2026 as global growth picks up and the Federal Reserve eases policy further.n 

Safe-haven demand is also expected to remain strong amid tensions in the Middle East, uncertainty over a Russia-Ukraine peace deal and more recently U.S. action against Venezuelan tankers.