Spot gold surged to a record high of $4,383.73 per ounce on Monday, lifted by expectations of further US Federal Reserve rate cuts after last week’s quarter-point reduction, sustained safe-haven demand, and a softer dollar.

Gold, a traditional safe-haven asset, is up 67% for the year, driven by geopolitical and trade tensions, robust central bank buying and hopes of lower interest rates next year, while a lower dollar index has also helped by making the precious metal less expensive for overseas buyers.

Investors are currently pricing in two US rate cuts in 2026, boosting non-yielding gold’s appeal.