Gold rises about 2%, logs new record close

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

Gold prices rose at settlement on Monday, with the most actively traded futures contract posting its 50th record close since the start of 2025, as escalating geopolitical tensions between the United States and Venezuela boosted demand for safe-haven assets.

February gold futures climbed 1.87%, or $82.1, to $4,469.4 an ounce by the end of the session.

The gains were supported by increased investor demand for safe havens after US President Donald Trump said last week he would impose a blockade on all sanctioned oil tankers entering or leaving Venezuela.

Separately, CNBC reported, citing sources familiar with the matter, that Trump may announce his nominee for Federal Reserve chair by early January, amid widespread expectations he will select a candidate aligned with his push to continue cutting interest rates.

Gold prices tend to rise during periods of geopolitical and economic uncertainty, as well as during monetary easing cycles.