Spot gold was up 2% at US$5,079.66 an ounce by 1.15pm after hitting a record US$5,110.50.
US gold futures for February delivery gained 2% to US$5,078.50.
Prices were also supported by the weakness of the US dollar, which lingered near a multi‑month low, making dollar‑priced assets more affordable for holders of other currencies.
For precious metals this year, the major drivers are going to be “Trump and Trump,” said Adrian Ash, head of research at online marketplace BullionVault.
“A wave of new first-time investing is driving this move in precious metals.
“It’s led by private investors across Asia and Europe, rushing to build their personal holdings of gold and silver,” he added.
Trump’s 100% tariff threat on Canada
In the latest geopolitical flare‑up, US President Donald Trump said on Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China.
The possibility that a coordinated currency intervention by US and Japanese authorities could be imminent was another focus of investor attention.
At the same time, this week’s Federal Reserve (Fed) meeting, when the central bank is expected to hold rates steady, is overshadowed by a Trump administration criminal investigation of Fed chairman Jerome Powell.
Trump has placed pressure on Powell to lower interest rates.
That would be supportive for non-yielding gold, which has risen nearly 18% so far this year after gaining 64% in 2025.
Last year, gold breached major milestones, including US$3,000/oz and US$4,000/oz for the first time.
Analysts at Societe Generale anticipate gold will reach US$6,000/oz by year‑end, though they caution this may be a conservative estimate with scope for further gains.
Meanwhile, Morgan Stanley said the rally could continue, highlighting a bull‑case target of US$5,700.
Spot silver scaled a new high of US$110.87 an ounce and was last up 6.8% at US$109.92.
Prices broke the US$100 mark on Friday as retail investor and momentum-driven buying added to a prolonged spell of tightness in physical markets for the precious and industrial metal.
“Strong ETF demand is absorbing limited inventories after several years of deficits… While solar demand has likely peaked, which may bring weakness later in the year, other drivers are dominating for now,” Morgan Stanley noted.
Spot platinum was up by 2.8% to US$2,844.29 an ounce after touching a record US$2,918.80 while spot palladium climbed by 4.5% to US$2,099.50 after registering a more than three-year high earlier.