Gold prices extended their record-setting rally to surge past $5,100 on Monday as central banks and investors sought refuge from geopolitical risks and Trump-induced market volatility.

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Spot gold was up 2.2% at $5,091.61 an ounce by 1140 GMT after hitting a record $5,110.50. U.S. gold ‍futures for February delivery gained the same amount to $5,089.90.

Gold soared 64% in 2025 for ‍its biggest annual gain since 1979, shattering multiple records on the back of safe-haven demand, U.S. monetary policy easing, robust central bank purchases, and record inflows into ⁠exchange-traded funds.

Prices have already risen about 18% since the start of this year.

President Donald Trump and uncertainty on multiple levels remain the main driver of surging prices ​and investment momentum driven by a fear of missing out, said Ole Hansen, head of commodity strategy at Saxo Bank. In his latest tariff threats, Trump said on Saturday that he would impose a 100% tariff on Canada if it ‍follows through on a trade deal with China.

Meanwhile, the yen hit a two-month peak against the dollar as ⁠speculation grew over possible U.S.-Japan intervention while investors also unwound dollar positions ahead of this week's Federal Reserve meeting and possible announcement of a new Fed chair.

The dollar index fell to a four-month low, indicating weakness that makes dollar-priced metals more attractive for overseas buyers.

Analysts have said that gold has more room to climb ⁠this year, potentially towards $6,000, on mounting global tensions and ​strong demand from central banks ⁠as well as consumers.

Further upside cannot be ruled out in stress scenarios, particularly if confidence in currencies or financial assets deteriorates further, said ‍Alexander Zumpfe, precious metals trader at Heraeus Metals Germany, adding that such moves could be accompanied by sharp interim corrections.

Spot gold has ‌cleared resistance at $5,070 and is expected to rise into a range of $5,154 to $5,206 an ounce, said Reuters technical analyst Wang Tao.

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Eventually, it could climb to $5,427, he added.

Spot silver scaled new heights at $110.11 an ounce and ⁠was last ​up 5.8% at $108.92. Silver climbed above $100 ‍for the first time on Friday, building on its record 147% rise last year as retail flows and momentum-driven buying compounded a prolonged spell of tightness in physical markets.

Spot ‍platinum jumped by 4.4% to $2,888.51 an ounce after touching a record $2,918.80 while spot palladium climbed by 5.3% to $2,115.75 after registering a more than three-year high of $2,142.70.