London – Gold prices hit an unprecedented record high, surpassing the $4,600 per ounce barrier for the first time during Monday’s trading, driven by escalating geopolitical and economic uncertainty, along with growing expectations that the US Federal Reserve will move to cut interest rates in the coming period.
Spot gold rose by about 1.3% to reach $4,568.49 per ounce, after touching a new record level of $4,600.33 earlier in the session. US gold futures for February delivery also climbed 1.7% to record $4,578.00 per ounce.
In other precious metals markets, spot silver prices jumped 4.4% to $83.50 per ounce, after hitting an all-time high of $83.96 during early trading.
Platinum also rose by 2.9% in spot transactions to reach $2,338.54 per ounce, approaching its record high of $2,478.50 recorded on December 29th.
Palladium, in turn, climbed 4.2% to reach $1,892.18 per ounce, benefiting from the broad rally witnessed in precious metals markets amid increasing demand for safe-haven assets.