Gold surpasses $4100 per ounce and silver records a new all-time high

Gold prices recorded a new all-time high on Monday, driven by increasing investor demand for safe havens after U.S. President Donald Trump renewed his threats to impose tariffs on China, alongside strong expectations for a cut in U.S. interest rates.

By 14:04 GMT, gold in spot transactions rose by nearly 2% to reach $4100 per ounce, the highest level ever, while U.S. futures contracts for December increased by 2.8% to $4113.40.

Silver also continued to rise, following gold's lead, jumping 3.3% to $51.91 per ounce after touching $52 earlier in the session, amid supply shortages and increased investment demand.

Analyst Jeffrey Christian from CPM Group explained that gold and silver prices typically rise when investors are concerned about economic and political conditions, noting that expectations of U.S. interest rate cuts support prices.

Gold has risen by 56% since the beginning of the year, surpassing the $4000 mark for the first time last week, supported by geopolitical uncertainty and strong purchases from central banks.

Analysts at Bank of America and Société Générale expect the yellow metal to reach $5000 per ounce by 2026, while Standard Chartered raised its average forecast for next year to $4488.

As for other metals, platinum rose by 4% to $1651.20 per ounce, and palladium increased by 4.3% to $1465.97.