Gold prices surged to an all-time high above $5,000 per ounce on Monday, extending a historic rally as investors flocked to the safe-haven asset amid mounting geopolitical and financial uncertainties.
Spot gold XAU= climbed 0.94% to $5,029.62 per ounce by 2321 GMT, while US gold futures (GCcv1) for February delivery rose 1.02% to $5,029.70 per ounce. Independent analyst Ross Norman projected that gold could reach $6,400 per ounce this year, with an average price of $5,375.
Rising tensions between the United States and NATO over Greenland have fueled additional momentum for gold, as investors anticipate increased financial and geopolitical risks.
On the international front, Ukraine and Russia concluded a second day of US-brokered talks in Abu Dhabi on Saturday without reaching an agreement. Additional negotiations are expected next weekend, even as overnight Russian airstrikes left over a million Ukrainians without power amid freezing winter conditions.
Adding to market uncertainty, US President Donald Trump announced a potential 100% tariff on Canada if it finalizes a trade deal with China, warning Canadian Prime Minister Mark Carney that such a deal could harm his country’s economy.
Gold posted a remarkable 64% gain in 2025, supported by US monetary easing, ongoing central bank purchases—including China’s 14th consecutive month of gold buying in December—and record inflows into gold exchange-traded funds (ETFs).
Other precious metals also saw notable movements:
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Spot silver (XAG=) rose 1.85% to $104.85 per ounce, surpassing the $100 mark for the first time last Friday, following a 147% gain in 2025 driven by retail and momentum buying and tight supply in physical markets.
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Spot platinum (XPT=) fell 0.21% to $2,762.25 per ounce.
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Spot palladium (XPD=) increased 0.22% to $2,014.50 per ounce.
The strong performance of gold and silver reflects investor demand for safe-haven assets in a period of heightened global tension and economic uncertainty, while platinum and palladium showed mixed movements amid industrial demand pressures.