Gold and silver hit records as investors hunt for safety

Investors are flocking to precious metals amid geopolitical tensions and expectations of more US interest rate cuts.

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The price of the precious metal has risen on expectations the US central bank will cut interest rates further next year, analysts said.

Gold started the year worth $2,600 an ounce, but geopolitical tensions, the Trump tariffs and expectations of rate cuts have added to investor demand for safe haven assets, such as gold and other commodities.

The prices of other precious metals also rose on Monday, with silver hitting a record high as well.

The gold price has risen more than 68% this year, the highest increase since 1979, according to Adrian Ash, director of research at gold bullion marketplace BullionVault.