Gold prices have risen for the fifth consecutive trading session, inching closer to an all-time high as investors focus on debates over tech stock valuations and the outlook for U.S. borrowing costs.

Gold surged as much as 1.2%, marking its longest winning streak since October’s record peak. Last Friday, Wall Street traders took profits on AI-related stocks—some of the year’s top performers—triggering broad risk-off sentiment. Both gold and silver prices retreated sharply from intraday highs. While gold is often seen as a hedge against equity downturns, its short-term correlation with stocks has increased in recent months.

Gold’s trajectory will also hinge on market expectations for Federal Reserve rate cuts next year. A weak U.S. nonfarm payroll report on Tuesday could reinforce bets on further easing, which would benefit the non-yielding metal.

Former U.S. President Donald Trump recently urged aggressive Fed rate cuts in an interview, stating he expects the next Fed chair to consult him on monetary policy. He also named Kevin Hassett and Kevin Warsh as top contenders to replace Jerome Powell.

Year-to-date, gold has gained 65%, while silver has doubled—both metals are on track for their best annual performance since 1979. According to the World Gold Council, gold ETF holdings have expanded every month this year except May.

Goldman Sachs analysts, including Lina Thomas, maintained their forecast for gold to reach $4,900 per ounce by late 2026, citing Fed easing, sustained central bank purchases, and private investor inflows. They noted that central banks’ large-scale gold accumulation is a "multi-year trend" and reiterated expectations for average monthly central bank buying of 70 tons in 2026.

ANZ Group analysts Sony Kumari and Daniel Hynes predicted gold could peak near $4,800 by mid-2026 before retreating, citing "steady investment inflows" and "central bank demand" as key supports.

Meanwhile, silver has found sustained support in recent weeks. After October’s historic short squeeze, speculative buying has surged on expectations of prolonged supply tightness. ANZ noted that silver hit a record $64.6573 per ounce last Friday and will continue benefiting from shortages, robust industrial demand, and U.S. import policy uncertainty.

The U.S. Geological Survey recently added silver to its critical minerals list, raising trader concerns over potential export restrictions. ANZ analysts expect silver may be excluded from tariffs, which—if confirmed—could trigger a supply release and ease current tightness.

As of 10:46 a.m. London time, gold rose 0.9% to $4,339.22 per ounce, nearing October’s record $4,381.52. Silver gained 2.8% to $63.7102, recovering Friday’s losses. Platinum jumped 3.2% to its highest since September 2011, while palladium also advanced. The Bloomberg Dollar Spot Index fell 0.1%.