• Gold reached a fresh all-time high during trading on December 23

• Prices are supported by geopolitical tensions and rate-cut expectations

• Gold is up more than 70% since January, its strongest run in decades

Gold extended its rally in 2025, reaching a new all-time high during trading on Tuesday, December 23. The precious metal traded around $4,494 an ounce, confirming the continuation of its upward trend this year after several weeks of consolidation. The move has been supported by rising tensions between the United States and Venezuela, as well as expectations of further U.S. interest rate cuts.

Trading Economics said gold prices reached a new record on Tuesday, climbing above $4,480 an ounce and marking their 50th record session of the year, driven by safe-haven demand amid rising tensions between the United States and Venezuela and expectations of further U.S. interest rate cuts.

As seen earlier this year when trade tensions between Washington and Beijing peaked, gold tends to perform strongly during periods of uncertainty. Such episodes often coincide with increased investor demand for the metal as a safe haven. At the same time, expectations that the U.S. Federal Reserve could further lower interest rates have also supported higher gold prices.

With this latest surge, gold prices have now jumped by more than 70% since the start of the year. According to Trading Economics, the metal is on track for its strongest annual performance since 1979. The broader environment of instability has also benefited other precious metals. Silver, for example, reached a new all-time high at $69.5 an ounce, posting gains of more than 134% since January.

As 2025 draws to a close, analysts remain confident that the upward trend could extend into 2026. "I don't think we are at the high watermark yet for gold or silver,” Tim Waterer, chief market analyst at KCM Trade, told Reuters. A similar view is shared by U.S. bank JPMorgan, which expects gold prices to climb to $5,000 an ounce by the end of 2026.

Aurel Sèdjro Houenou