WASHINGTON (dpa-AFX) - Gold prices soared on Monday amid increasing safe-haven demand as the Russia-Ukraine war continues with no sign of ending despite U.S. mediation. In addition, the U.S. has ramped up its military aggression against Venezuela.
Front Month Comex Gold for December delivery rose sharply by $83.20 (or 1.91%) to $4,444.60 per troy ounce.
Front Month Comex Silver for December delivery also surged by $1.0610 (or 1.59%) to $67.906 per troy ounce.
Notably, today gold and silver have hit new record highs.
Focused diplomatic efforts by U.S. President Donald Trump to end the Russia-Ukraine war have not resulted in any breakthrough development so far.
After three days of meetings in Miami, Florida, on a new 20-point plan that includes a security guarantee for Ukraine and a plan to support the war-torn nation's economic prosperity, U.S. special envoy Steve Witkoff and Ukrainian negotiator Rustem Umerov issued a joint statement stating only that the negotiations were 'productive and constructive.'
No details of the progress made were announced.
Separately, talks between Trump's team and the Russian envoy are ongoing in Miami.
Meanwhile, a Ukrainian drone attacked and destroyed two vessels and two piers in Russia's southern Krasnodar region.
In southern Moscow, a car bomb explosion killed Lieutenant General Fanil Sarvarov, which Russia suspects is the handiwork of Ukrainian Special Forces.
In South America, the U.S. military is moving to seize a third 'sanctioned oil tanker' (dark fleet vessel) near Venezuela. Notably, China has accused the U.S. of violating international law.
After Trump ordered a 'naval blockade' of sanctioned oil tankers entering and exiting Venezuela on December 16, the U.S. has already seized two tankers.
Trump has been accusing Venezuelan President Nicolas Maduro of promoting narco-trafficking that has caused an opioid crisis in the U.S.
The intensifying geopolitical conflicts have pushed traders to safe-haven metals.
This year, demolishing multiple previous records and crossing the $4,000-per-ounce-boundary for the first time, gold has gained around 67%. For this month, gold has rallied 4%.
Silver prices have catapulted around 138% to date.
Despite the U.S. Federal Reserve warning that further rate cuts are no 'certainty,' investors are pricing in additional rate cuts through the coming year as they expect the Fed to adopt a dovish stand.
Today, in an interview with Bloomberg TV, Fed Board Member Stephen Miran warned that the danger of the U.S. going into a recession would rise if monetary policy is not adjusted downwards though he did not see any risk in the near-term.
The U.S. dollar index was last seen trading at 98.27, down by 0.32 (or 0.32%) today.
CME Group's FedWatch Tool is currently indicating a 19.9% chance of a 25-basis-point interest rate cut at the Fed's January 27-28 meeting.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
