Gold and silver prices hit record highs in Asian trade on Monday as concerns over renewed hostilities between Iran and Israel, along with a brewing U.S.-Venezuela conflict, drove up demand for safe havens. 

At 05:12 ET (10:12 GMT), Spot gold jumped 1.7% to a record high of $4,414.21 an ounce, surpassing its October peak, while gold futures for February rallied 1.4% to a peak of $4,447.85/oz. 

Monday’s gains in metal markets are the latest in a long-running rally in the sector, as concerns over slowing global economic growth boosted demand for havens. Increased bets on more U.S. interest rate cuts in 2026 also aided demand for physical assets. 

"Gold is driven by a range of structural and cyclical supports—including a Fed easing cycle, persistent central-bank demand, and elevated geopolitical and policy uncertainty. Even as some near-term drivers fade, gold continues to behave as a strategic portfolio allocation rather than a purely tactical hedge," OCBC analysts wrote in a note. They warned that silver could pull back on "signs of slowing industrial demand or growth concerns."