Gold surged to an all-time high on Monday as escalating US–Venezuela tensions drove investors toward traditional safe-haven assets.
Spot gold climbed more than two percent, briefly touching $4,441.92 an ounce before easing slightly in afternoon trading.
US gold futures also advanced strongly, settling near record territory as momentum buying intensified in thin holiday markets.
Analysts said rising geopolitical risks, combined with recent bullish consolidation, triggered a decisive breakout for gold prices.
US President Donald Trump last week announced a blockade on sanctioned oil tankers entering and leaving Venezuela, rattling markets.
Additional support came from reports that Trump may soon name a new Federal Reserve chair aligned with his rate-cut agenda.
Gold has risen more than 69 percent this year, marking its strongest annual performance since the inflation-fuelled surge of 1979.
Silver joined the rally, striking a record $69.44 an ounce, buoyed by tight supplies and strong festive demand from India.
The metal has gained more than 136 percent this year, reflecting persistent deficits and growing industrial and investment appetite.
A softer US dollar further supported precious metals, making dollar-priced bullion cheaper for buyers using other currencies.
Platinum jumped over five percent to its highest level in more than 17 years, extending a powerful multi-metal rally.
Palladium also advanced, reaching a near three-year high as broad-based strength swept across the precious metals complex.
