Gold Surges past $4,440 to All-Time High

t the same time, copper prices have also reached record highs, signaling strong investor appetite for commodities.

Written by: Ignacio Teson • Monday, December 22, 2025 • 1 min read

• Last updated: Monday, December 22, 2025

Quick overview

Spot gold prices have reached an all-time high of $4,448.95 per ounce, marking a 68% increase year to date.
Silver has also set a new record, trading at $69.52 per ounce after a 3% daily gain.
The rally in precious metals is driven by heavy central bank purchases, safe-haven inflows, and expectations of lower interest rates.
Copper prices have also hit record highs, indicating strong investor demand for commodities amid inflation concerns.

The precious metal is up 68% so far this year, while silver has also broken past its historical peak.

Spot gold prices are posting strong gains on Monday, trading at $4,448.95 per ounce, surpassing the $4,400 mark for the first time and setting a new all-time high. This marks one of the strongest years on record for the precious metal, which has risen 68% year to date.

Driven by heavy central bank purchases, safe-haven inflows, and lower interest rates, bullion is on track for its largest annual gain since 1979.

XAU/USD

Silver is following a similar path. The metal extended its rally with a 3% daily gain, reaching a new record of $69.52 per ounce. After breaking its previous peak, silver is trading around $69.20, and in 2025 its price has surged by roughly 138%.

Fed rate-cut expectations fuel the rally

Markets are increasingly focused on the prospect of further interest rate cuts by the Federal Reserve in 2026, particularly after November inflation came in at 2.7%, well below expectations. This has pushed the U.S. dollar lower against major currencies, making gold cheaper for non-U.S. investors.

Lower interest rates tend to boost demand for real assets such as gold and silver. At the same time, copper prices have also reached record highs, signaling strong investor appetite for commodities more broadly—likely reflecting expectations that inflation may remain elevated for longer.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.