Khaberni - Gold prices exceeded $4600 per ounce for the first time on Monday, while silver also jumped to its highest level ever, supported by geopolitical and economic uncertainty and growing expectations of a cut in US interest rates.
Gold rose in spot transactions by about 1.5% to reach $4478.79 per ounce by 01:27 GMT. The precious metal had earlier recorded a new record level at $4600.33 earlier in the session.
The US futures contracts for gold delivery in February rose 2% to $4591.10.
A human rights organization said on Sunday that unrest in Iran had resulted in the deaths of more than 500 people, while Tehran threatened to target US military bases if President Donald Trump carried out his renewed threats to strike the country in support of the protesters.
The Iranian turmoil comes at a time when Trump is demonstrating the power of the United States internationally, having overthrown Venezuelan President Nicolas Maduro, and discussing the acquisition of Greenland by purchase or by force.
Data released on Friday showed that employment growth in the United States slowed more than expected in December, amid job losses in construction, retail, and manufacturing sectors.
However, a decrease in the unemployment rate indicated that the labor market had not deteriorated rapidly.
Investors currently expect the Federal Reserve (the US central bank) to cut interest rates at least twice this year. The weakness in the labor market increases the likelihood of an interest rate cut.
Gold prices may rise to $5000 per ounce in the first half of 2026 due to rising geopolitical risks and debts, according to HSBC Bank.
Silver in spot transactions rose 4.4% to $83.50 per ounce after it recorded its highest level ever at $83.96 earlier in the day.
Platinum in spot transactions increased by 2.9% to $2338.54 per ounce after it recorded its highest record level at $2478.50 on December 29.
Palladium also rose 4.2% to $1892.18 per ounce.
