Gold breaks $4,400, silver soars past $69 in historic rally

Gold breached the $4,400-per-ounce threshold on Monday, buoyed by expectations of U.S. rate cuts and heightened demand for safe-haven assets, with silver also hitting a historic peak.

Silver followed suit, climbing to an all-time high as investors sought shelter in precious metals.

Spot gold was up 1.48%% at $4,402.33 an ounce as of [11:22 am] PST.

Meanwhile, spot silver jumped 3.3% to reach $69.44, setting a historic peak. U.S. gold futures for February delivery gained 0.98%, trading at $4,430.30 per ounce.

Bullion has surged 67% this year, breaking past the $3,000 and $4,000 per-ounce milestones and positioning itself for the strongest annual gain since 1979.

Silver has outpaced gold, soaring 2.4x year-to-date, supported by strong investment inflows and persistent supply shortages.

Gold’s rally is underpinned by geopolitical and trade tensions, steady central bank purchases, and expectations of lower interest rates next year.

A weaker dollar has also helped, which made gold more affordable for international buyers.

Other precious metals also experienced sharp gains, with platinum climbing 4.3% to $2,057.15 and palladium rising 4.2% to $1,786.45, a near three-year high.