Gold prices pushed higher overnight, extending an already powerful rally and marking fresh all-time highs.
Bullion broke above $4,400 an ounce on Monday, while silver closed in on the $70 mark, as a mix of looser US monetary policy expectations and rising geopolitical tensions kept demand strong.
By 10:30 GMT, spot gold was trading at $4,486 an ounce, while silver sat at $69.67. Both metals have hit multiple record highs this year, supported by interest rate cuts in the US and a steadily weakening dollar.
The dollar is down around 9% in 2025, putting it on track for its worst year in eight. Many investors expect the slide to continue into 2026 as global growth improves and the Federal Reserve moves further towards easier policy.
Safe haven demand remains a key driver, with ongoing tensions in the Middle East, uncertainty surrounding any Russia Ukraine peace deal and recent US action against Venezuelan oil tankers have all kept investors leaning towards precious metals.
Central bank buying has also stayed elevated for a fourth straight year and looks set to continue into 2026, reinforcing the longer-term bullish case for gold.
Investment demand remains strong too, with physically backed gold ETFs on course for their largest ever inflow. According to the World Gold Council, funds have attracted $82 billion so far this year.