Global gold hits new all-time high above US$4,400
Gold tops US$4,400 for the first time as Fed-cut bets and safe-haven demand rise; silver hits US$69.44 and copper sets a record near US$12,000
Global gold prices surged to a fresh record high on December 22, 2025, breaking above US$4,400 an ounce for the first time, amid growing expectations that the US Federal Reserve will continue cutting interest rates and sustained safe-haven demand tied to geopolitical tensions, including Washington’s intensified oil blockade on Venezuela.
Spot gold rose 1.5% to US$4,404.12 an ounce at 1.49pm Singapore time (one hour ahead of Thailand). US gold futures for February 2026 delivery gained 0.98% to US$4,430.30 an ounce.
Gold has climbed 67% since the start of the year, setting multiple records in 2025. It has already broken above US$3,000 and US$4,000 an ounce for the first time, and is on track for its strongest annual rise in 46 years, the biggest since 1979.
Other precious metals also jumped to new highs. Spot silver rallied 3.3% to a record US$69.44, taking its year-to-date gain to 138%, far outpacing gold, supported by strong investment inflows and continued supply constraints.
Copper rose 0.7% to US$11,966.50 per tonne at 11.56am Shanghai time, also a record. Prices are now heading towards US$12,000 per tonne, which would put copper on course for its biggest annual gain since 2009, as worries grow that global supply is tightening.
Matt Simpson, a senior analyst at StoneX, said December typically delivers positive returns for gold and silver, with seasonal factors also supporting prices. However, with gold up about 4% so far in December and year-end approaching, bullish investors may need to be more cautious as trading volumes tend to thin and the risk of profit-taking increases.
Reuters technical analyst Wang Tao said spot gold could extend gains towards US$4,427 an ounce after breaking through a key resistance level at US$4,375.
