Gold marked a new price milestone on Tuesday (December 23), continuing its record-breaking 2025 run.
The spot price rose as high as US$4,496.24 per ounce in midday trading, while gold futures broke US$4,500.
Gold spot price chart, December 16 to 23, 2025.
The yellow metal’s latest rise caps off what’s been a historic year.
After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.
Gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as market watchers expected. It began gaining steam again in mid-November, and took off again in earnest this week, powering higher along with its sister metal silver, which is currently over US$71 per ounce.
Both metals benefit from geopolitical tensions and economic uncertainty, which have been present on a global scale throughout the year. Interest rate cuts from the US Federal Reserve have provided support too, as have expectations of easier monetary policy after Fed Chair Jerome Powell’s term ends next year.
Gold also continues to benefit from strong central bank buying, while silver’s industrial side is attracting attention. Although it is valued as an investment metal, it’s also used in technology such as solar panels.
Elsewhere in the precious metals space, platinum rose to a fresh record on Tuesday, reaching US$2,296.94 per ounce. Palladium remains below its top price level, but is elevated at around US$1,870 per ounce.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.