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Gold has set another record, trading above $4,400 an ounce for the first time.
Analysts say expectations that the US central bank will cut interest rates again next year have driven the surge.
Gold began the year at about $2,600 an ounce, but rising geopolitical tensions, Trump-era tariffs and anticipated rate cuts have boosted demand for safe-haven assets, including gold and other commodities.
Prices of other precious metals, such as silver and platinum, have also climbed.
Spot gold reached $4,420 on Monday before easing back.
According to Adrian Ash, research director at Bullion Marketplace BullionVault, gold has gained more than 68% this year — its strongest annual rise since 1979.
Mr Ash said 2025 has seen “slow-burning trends” linked to interest rates, conflict and trade tensions, all of which have supported gold prices.
He added that President Trump’s actions, including trade wars, attacks on the US Federal Reserve and wider geopolitical pressures, have fuelled the rally.
Lower interest rate expectations usually reduce returns on bonds, prompting investors to turn to commodities such as gold and silver for returns and portfolio diversification.
A weaker US dollar has also lifted prices by making gold cheaper for overseas buyers.
Other precious metals have enjoyed record years as well. Silver hit a new high of $69.44 an ounce on Monday.
So far in 2025, silver has risen 138%, while platinum has reached a 17-year high, outperforming gold amid strong demand and supply constraints.
Unlike gold, silver and platinum also play major roles in industrial manufacturing, which has further strengthened demand.
