Gold prices surged to a fresh all-time high on Tuesday, coming close to the $4,500 per ounce level as global uncertainty lifted demand for safe-haven assets.

Spot gold rose 0.9% to $4,486.41 per ounce by early GMT trading. Prices earlier touched a record $4,497.55 during the session. Meanwhile, US gold futures for February delivery climbed 1.1% to $4,519.70.

Analysts said rising US-Venezuela tensions played a key role in the rally. US President Donald Trump announced a “blockade” on sanctioned oil tankers linked to Venezuela, increasing geopolitical risk.

Market expert Tim Waterer said gold remains a strong hedge against uncertainty. He added that investors are also positioning for lower US interest rates, which traditionally support gold prices.

Expectations grew after reports suggested Trump may name a new Federal Reserve Chair by early January. Markets are now pricing in two rate cuts in 2026, boosting hopes of a more dovish monetary stance.

Gold has already gained over 70% this year, marking its strongest annual performance in decades. Central bank buying, de-dollarization trends, and strong ETF inflows continue to support prices.

Silver also jumped, rising 1% to $69.70 after hitting a record $69.98. The metal is up more than 141% this year, driven by supply shortages and industrial demand.

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Platinum climbed 1.2% to $2,145.10, its highest in over 17 years. Palladium surged 3.4% to $1,819, a three-year high.

Analysts see further gains once holiday trading slows ease.