Gold and Silver Surge to Record Highs. This Has Driven Prices Even Higher in a Stellar Run.

Investors move away from riskier assets such as stocks amid crises with precious metals trading as havens. (AFP via Getty Images)

Key Points

• Gold and silver prices rose due to increased geopolitical tensions, with gold up 1.27% to $4,433.20 and silver up 2.3% to $69.04.
• 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 in early trading amid heightened geopolitical tension as the U.S. pursued another tanker transporting oil from Venezuela.

Investors move away from riskier assets such as stocks amid crises with precious metals trading as havens. Last week President Donald Trump signaled on social media the U.S. would prevent sanctioned oil from passing through Venezuela and the situation has escalated over the weekend.

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 and, separately, the U.S. launched rockets at 70 different Islamic State targets in Syria on Friday.

Front-month contracts for gold traded in New York were 1.27% higher at $4,433.20 per troy ounce surpassing October’s peak of $4,336. It’s been a strong year for gold, up 68% since January, with predictions it could reach $4,900 in 2026. The price of silver today was up 2.3% to a record $69.04, a 135.7% rise since the beginning of the year.

Barrick Mining , which produces gold and copper, was up 2.5% in Monday’s premarket at $45.85, along with peers Newmont, up 2.9%, and Freeport-McMoRan , up 1.7%.

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