The price of gold has hit another all-time high, trading above $4,400 (£3,275) an ounce for the first time.
The price of the precious metal has risen on expectations that the US central bank will cut interest rates further next year, analysts said.
Gold started the year at $2,600 an ounce, but geopolitical tensions, Trump’s tariffs and expectations of rate cuts have added to investor demand for safe-haven assets such as gold and other commodities.
Prices of other precious metals also rose on Monday, with silver also hitting an all-time high.
The price of gold has risen more than 68% this year, the biggest increase since 1979, according to Adrian Ash, director of research at bullion market BullionVault.
In 2025 there have been “slow-moving trends around interest rates, war and trade tensions,” Ash said, which have helped push up the price of gold.
“The precious metals market is saying that President Trump has really stirred something up, and gold has gone crazy this year.
“There is the trade war, the attacks on the US Federal Reserve and the geopolitical tensions, all those provocations come from Trump,” he said.
After surpassing the $4,400 per ounce mark on Monday, the spot price of gold reached a high of $4,426.66.
Expectations of lower interest rates generally mean lower returns for investments like bonds, so investors look to commodities like gold and silver for yield but also to diversify their portfolios.
Currently, the consensus among analysts is that the United States will lower interest rates twice in 2026.
Another factor adding to demand is that central banks globally are expanding their own physical holdings of gold as a way to counter economic turbulence, reduce dependence on the US dollar and diversify their own portfolios, according to analysis by Goldman Sachs, which predicted the pattern would continue into 2026.
The steady rise in the price of gold throughout the year could be because it is seen as a way for traders to help protect themselves from the threat of inflation and economic turmoil, said Anita Wright, chartered financial planner at Ribble Wealth Management.
“When confidence in financial assets and policy stability begins to shake, gold tends to respond first as the primary monetary metal,” Ms. Wright said.
A weaker US dollar has also helped boost gold prices by making the metal cheaper for foreign buyers.
Other precious metals have also had record years. The price of silver also hit a record high of $69.44 an ounce on Monday.
So far, by 2025, silver is up 138% year-to-date and platinum is at its highest level in 17 years, far outperforming gold, supported by strong supply constraints, according to analysts.
Unlike gold, the other precious metals are also widely used in industrial manufacturing, helping to stimulate demand.
Elsewhere, oil prices rose on Monday after the United States last week ordered a “blockade” of sanctioned oil tankers entering and leaving Venezuela.
The price of Brent crude oil rose $1.31 to $61.78 a barrel, while US crude oil rose $1.25 to $57.77. However, it appears that both measures will end 2025 at lower prices than at the beginning of the year.
