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Gold prices moved closer to their all-time peak on Monday, buoyed by a weakening dollar and lower U.S. Treasury yields, as investors awaited key U.S. employment data to gauge the Federal Reserve’s next steps.
Spot gold rose 0.8% to $4,342.93 an ounce in early trading, continuing a sharp upward trajectory that has seen the metal gain 65% since the beginning of the year.
The latest advance comes on the heels of a 25-basis-point rate cut by the Federal Reserve last week—its third consecutive monthly cut—as the central bank seeks to manage inflation and an uncertain labor market. While the Fed hinted at a pause in future cuts, market participants remain alert to macroeconomic signals that could shift the policy outlook.
Gold had previously reached a record high of $4,381.58 in October 2025, when the Fed’s initial rate reduction boosted demand for safe-haven assets.
Silver prices also rallied, rising 1.5% to $62.92 per ounce. The metal had reached an all-time high of $64.65 the previous Friday before retreating. So far this year, silver has surged 115%, driven by tightening global inventories, robust industrial usage, and its recent classification as a critical mineral by the U.S. government.
Market analysts suggest that this designation may accelerate supply-chain investments and strategic stockpiling, further supporting silver prices in the medium term.
In broader precious metals markets, platinum jumped 2.7% to $1,800.96 per ounce, while palladium added 1.5% to $1,537.75.
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