Gold jumped more than 2% to a record high on Monday, powered by safe-haven flows as U.S.-Venezuela tensions flared, while silver also touched an all-time peak.

Spot gold was up 2.3% at $4,436.29 per ‍ounce by 11:23 a.m. ET (1623 GMT) after hitting an all-time high of $4,440.21 earlier. ‍U.S. gold futures for February delivery climbed nearly 2% to $4,471.1 per ounce.

"Support in the near-term is coming from raised geopolitical tensions between ⁠the U.S. and Venezuela... Gold prices have been hovering just below record highs in recent sessions, so this looks like a simple textbook momentum break to the ​upside after recent bullish consolidation, in holiday markets with less volume," said an analyst at Nemo.Money.

'$5K OBVIOUS TARGET'

"The obvious target for gold bulls is $5,000 next year."

U.S. President Donald Trump last week announced a "blockade" of all oil ‍tankers under sanctions entering and leaving Venezuela.

In other news seen as supportive for gold, Trump ⁠could name a new Fed Chair by early January, replacing Jerome Powell, who is set to retire in mid-2026, CNBC reported, as markets watch closely amid expectations the new chair may align with Trump's push for further rate cuts.

Gold as a safe-haven asset tends to thrive during periods ⁠of geopolitical and economic uncertainty. Gold ​has surged more than 69% this ⁠year in its biggest annual rise since 1979, fueled by strong central bank buying, safe-haven flows, and lower interest ‍rates.

Spot silver was up 2.1% at $68.55 after hitting a new high of $69.44. Prices are up 136% so far this ‌year.

The drivers behind silver's recent highs have centered on the persistent supply-demand deficit and import demand growing in India over its festive period, said Macquarie strategists, adding that they expect ⁠silver to ​average $57 an ounce in ‍2026.

The U.S. dollar edged lower against a basket of other major currencies, making dollar-priced bullion more affordable for overseas buyers.

Platinum jumped 4.8% to $2,067, hitting its ‍highest in more than 17 years, while palladium climbed 1.8% to $1,745.18, hitting a near three-year high.