Gold prices broke past $4,500 in Asian trade on December 24 on optimism that the Federal Reserve will continue cutting interest rates next year, and amid rising tensions between the United States and Venezuela.
Gold rose further on Tuesday to hit a one-week high as Federal Reserve officials boosted interest rate-cut bets and Venezuela tensions boosted demand.
Spot gold was up 0.5% at $4,469.96 per ounce, as of 0534 GMT, after rising nearly 3% in the last session. Bullion hit a record high of $4,549.71 on December 26, and logged its best annual performance since 1979 last year with a jump of 64%.
U.S. gold futures for February delivery rose 0.7% to $4,481.30.
Investors currently expect at least two rate cuts this year, while they look to the nonfarm payroll report, due on Friday, for more monetary policy cues.
Ousted Venezuelan President Nicolas Maduro pleaded not guilty on Monday to narcotics charges after U.S. President Donald Trump’s capture of him rattled world leaders and left officials in Caracas scrambling to regroup.
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Spot silver gained 3.5% to $79.18 per ounce, after hitting an all-time high of $83.62 on December 29. Silver ended 2025 with annual gains of 147%, far outpacing gold, in what was its best year on record.
Spot platinum was up 2.8% at $2,334.25 per ounce, after rising to an all-time high of $2,478.50 last Monday. It rose more than 5% earlier in the session to a one-week high.
