Exceeding $4,600 per ounce…a record high for gold

The price of gold exceeded $4,600 per ounce for the first time today, while silver also jumped to its highest level ever, supported by geopolitical and economic uncertainty and increasing expectations of a reduction in US interest rates.

Gold rose in spot transactions by about 1.5 percent, reaching $4,478.79 per ounce by 0127 GMT. The precious metal hit a new record high at $4600.33 earlier in the session.

US gold futures for February delivery rose 2 percent to $4,591.10.

Investors currently expect the Federal Reserve (the US central bank) to cut interest rates at least twice this year. A weak labor market increases the likelihood of interest rate cuts.

Gold prices may rise to $5,000 per ounce in the first half of 2026 due to rising geopolitical risks and debt, according to HSBC.

Silver rose in spot transactions 4.4 percent to $83.50 per ounce after hitting its highest level ever at $83.96 earlier in the day.

Platinum in spot transactions increased 2.9 percent to $2,338.54 per ounce after hitting a record high of $2,478.50 on December 29.

Palladium also rose 4.2 percent to $1,892.18 per ounce.