Gold and silver reach fresh highs for second day running — and could keep climbing

Gold and silver have rallied this year — and prices keep climbing.

Gold futures for February delivery rose 0.74% higher at $4,502.40 per ounce, after hitting a record of $4,530.80 per ounce. Spot gold was up 0.69% to $4,476 per ounce.

Meanwhile silver futures for March advanced 3.69% and was last seen at $71.095 per ounce, having earlier hit a fresh high of $70.80, while spot silver was last trading at $71.04, up 2.93%. Spot silver crossed $70 for the first time earlier in the session.

The metals have soared this year, smashing consecutive price records as sentiment shook on riskier assets amid fears of an AI bubble and uncertainty over the next Federal Reserve chair looking into 2026.

Gold is typically viewed as a safe bet in times of economic or geopolitical uncertainty and is often used as a hedge.

The futures prices represent a fresh highs for the metals, topping Monday’s record-breaking moves.

David Neuhauser, CIO at Livermore Partners, told CNBC’s “Access Middle East” that gold has more room to run — potentially hitting $6,000 per ounce.

“I think all metals, for the most part, are rising because they have been under-owned and there’s a further risk that global debt around the world is just exploding, and therefore you need to own assets which will defend against that debasement. That’s what you’re seeing now. It’s loud and clear, but it could continue for some time to come,” Neuhauser said.