The gold price has hit another record high, trading above $4,400 (£3,275) an ounce for the first time.
The price of the precious metal has risen on expectations the US central bank will cut interest rates further next year, analysts said.
Gold started the year worth $2,600 an ounce, but geopolitical tensions, the Trump tariffs and expectations of rate cuts have added to investor demand for safe haven assets, such as gold and other commodities.
The prices of other precious metals, such as silver and platinum, have also risen.
The spot price of gold hit a high of $4,420 on Monday before slipping back.
The gold price has risen more than 68% this year, the highest increase since 1979, according to Adrian Ash, director of research at gold bullion marketplace BullionVault.
2025 has seen “slow-burning trends around interest rates, around war and trade tensions”, Mr Ash said, which have helped to push up the price of gold.
“The precious metals market says that President Trump has really triggered something – and gold has gone crazy this year.
“You’ve got the trade war, the attacks on the US Federal Reserve and you’ve got geopolitical tensions, all of those provocations come from Trump,” he said.
Lower interest rate expectations typically mean lower returns for investments such as bonds, so investors look to commodities such as gold and silver to get a return, but also diversify their portfolios.
The consensus among analysts currently is that the US will lower interest rates twice in 2026.
Another factor adding to demand is that central banks globally are expanding their own physical holdings of gold as a way to counter economic turbulence, reduce reliance on the US dollar, and diversify their own portfolios, according to analysis from Goldman Sachs, which predicted the pattern would continue in 2026.
A weaker US dollar has also helped push gold prices higher by making the metal cheaper for overseas buyers.
Other precious metals have also had record years. The price of silver also hit a record of $69.44 an ounce on Monday.
For 2025 so far, silver is up 138% year-to-date and platinum is at a 17-year high, vastly outperforming gold, underpinned by strong and supply constraints, according to analysts.
Unlike gold, the other precious metals are also used widely in industrial manufacturing which helps stoke demand.
Separately, oil prices rose on Monday, after the US ordered a “blockade” last week of sanctioned oil tankers entering and leaving the country.
The price of Brent crude rose 53 cents to $60.99 a barrel, while US oil was up 1.6% to $57.40. However, both measures look set to end 2025 at prices lower than where they started the year.
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