ISTANBUL

Gold and silver prices hit record highs on Monday as concerns over a brewing US-Venezuela conflict drove up demand for safe havens.

Gold jumped around 2% as of 0700GMT Monday to a record high of $4,420.35 an ounce, surpassing its October peak.

This year, gold prices soared around 70% amid trade and geopolitical tensions, and central bank rate cuts.

Silver also rallied 3% to a record high of $69.5 per ounce on Monday. In the last 12 months, silver surged by over 130%.

As investors wager on lower interest rates, increased demand, and tighter supplies in the upcoming year, broader precious metal prices also increased, extending recent gains.

The metal markets' advances on Monday are the most recent in a long-term surge in the industry as demand for havens increased due to worries about the slowing pace of global economic growth. Demand for tangible assets was also boosted by increased wagers on additional US interest rate reductions in 2026.

Amid growing tensions between Washington and Caracas, reports over the weekend stated that the US was getting ready to board a third ship off the coast of Venezuela, adding to the geopolitical unpredictability of the world.

US President Donald Trump has increased Washington's monitoring of Venezuela, alleging that the nation uses oil revenue to finance illegal immigration and drug shipments to the US.

Last week, Trump threatened to launch a ground invasion of the South American country and ordered a blockade of sanctioned oil tankers entering and leaving the country.