Overview
- Spot prices climbed as high as $4,519.78 per ounce on Dec. 24, extending a late‑December breakout to fresh all‑time highs.
- Safe‑haven demand intensified following U.S.–Venezuela frictions, from Coast Guard seizures of Venezuelan tankers to President Donald Trump telling Nicolás Maduro it would be “wise” to leave power.
- Markets are betting on additional Fed rate cuts in 2026 after soft U.S. labor and inflation readings, building on the central bank’s quarter‑point reduction on Dec. 10.
- Gold’s 2025 gain now exceeds 70% as emerging‑market central banks keep adding to reserves to diversify away from the dollar.
- The surge is part of a broader metals rally with silver and copper setting records, while trading remains volatile and retail activity ranges from jewelry sell‑offs to coin purchases for gifts.