Gold broke through $4,100 per ounce for the first time on Monday, hitting another record high on renewed U.S.-China trade tensions and expectations of U.S. interest rate cuts, while silver also rose to an all-time high.

Spot gold was up 2.2% to $4,106.48 per ounce, as of 01:47 p.m. ET (1747 GMT), after hitting a record $4,116.77.

U.S. gold futures for December settled 3.3% higher at $4,133.

Gold has climbed 56% this year and scaled the $4,000 milestone for the first time last week, driven by factors including geopolitical and economic uncertainties, expectations of U.S. interest rate cuts and robust central bank buying.

“Gold could easily continue its upward momentum. We could see prices north of $5,000 by the end of 2026,” said Phillip Streible, chief market strategist at Blue Line

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