Gold hits record above $4,400, silver jumps 3%

February 2026 gold futures rose 1.1% to $4,434.8 an ounce

Gold and silver prices surged to new record levels in early-week trading, driven by growing market expectations that the US Federal Reserve will cut interest rates twice next year.

On Monday, February 2026 gold futures rose 1.1%, or $47.5, to $4,434.8 an ounce, after touching $4,442.8, the highest level ever for the most actively traded futures contract.

March 2026 silver futures jumped 2.8% to $68.78 an ounce, having reached $69.525 (+2.9%), marking an all-time high.

Spot gold gained 1.4% to $4,397.16 an ounce, briefly surpassing the $4,400 mark for the first time to hit a record $4,400.29, while spot silver added about 2.55% to $68.86 an ounce.

The dollar index, which tracks the US currency against a basket of six major currencies, was nearly unchanged at 98.62 points at 08:55 a.m. Mecca time.

Platinum spot prices jumped 3.35% to $2,045.11, after reaching $2,057.15, the highest level in more than 17 years, while palladium rose 4.3% to $1,787.56, its highest in nearly three years, according to Reuters.

Gold has surged about 67% this year, setting a series of record levels and surpassing the $3,000 and $4,000 per ounce thresholds for the first time, heading toward its largest annual gain since 1979. Silver has jumped 138% year-to-date, supported by strong investment inflows and continued supply constraints in the market.