Gold and Silver Prices Surge to Record Highs on Venezuela, Russia Tensions. How They Can Soar in 2026.

Investors tend to move away from riskier assets amid crises and lean more heavily into trading havens such as precious metals. (AFP via Getty Images)

Key Points

• Gold and silver prices rose to a record high due to increased geopolitical tensions.
• Gold has increased 68% since January, with predictions it could reach $4,900 in 2026; silver has risen 135.7% this year.
• Geopolitical events include the U.S. pursuing a Venezuelan oil tanker, a Russian general’s death, and U.S. strikes in Syria.

Gold and silver prices jumped to fresh highs amid heightened geopolitical tensions, as the U.S. pursued another tanker transporting oil from Venezuela.

Despite record price levels. there are good prospects for gold to soar even higher in 2026 because holdings by central banks are way above historical levels, and there is untapped demand from western investors.

Trevor Yates, Senior Investment Analyst at Global X ETFs, said in a note: “We continue to believe we are in the early inning of a broader precious metals rally and remain constructive on both gold and silver.”

Investors tend to move away from riskier assets such as stocks amid crises. Precious metals trade as havens.

Last week, President Donald Trump signaled on social media that the U.S. would prevent sanctioned oil from passing through Venezuela. The situation has escalated over the weekend.

Created with Highcharts 9.0.1Source: FactSetNote: continuous futures contractsAs of Dec. 22

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Markets have been jittery. A Russian general was killed by a car bomb in Moscow on Monday in what is a suspected, but unconfirmed, attack by Ukraine. Separately, the U.S. launched rockets at 70 different Islamic State targets in Syria on Friday.

Futures contracts for gold traded in New York were 1.87% higher, at $4,469.40 a troy ounce, a new record high according to Dow Jones Market Data and surpassing October’s peak of $4,336. It’s been a strong year for gold, up 69% since January, with some predicting it could reach $4,900 in 2026.

Yates added: “Gold surged to record highs, with the robust year-to-date gains driven by strong central bank buying and the more dovish monetary policy outlook.

“The latest leg of the rally has been driven by the market pricing in an increasingly gold-friendly 2026 outlook, with lower rates and a potentially softer dollar acting as tailwinds for the bullion.”

The price of silver today was up 1.59% to a record $68.56, according to Dow Jones Market Data.

Barrick Mining, which produces gold and copper, was up 2.1% on Monday at $45.66, along with peers Newmont, up 3.4%, and Freeport-McMoRan, up 3.3%.

Write to Rupert Steiner at rupert.steiner@barrons.com