Ammon News - Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further U.S. rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high.

Spot gold was up 1.4% at $4,397.16 per ounce, as of 0502 GMT, after breaking the $4,400 barrier to hit a record high of $4,400.29 earlier in the day. Spot silver climbed 3.3% to hit a historic high of $69.44.

U.S. gold futures for February delivery rose 0.98% to $4,430.30 per ounce.

Bullion has gained 67% so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.

Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.

Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.

Elsewhere, platinum jumped 4.3% to $2,057.15, hitting its highest in more than 17 years, while palladium climbed 4.2% to $1,786.45, hitting a near three-year high.

Reuters