Gold closes at record high, posts weekly gains; silver jumps 8%

Gold bars

Gold prices rose at the close of Friday’s trading, amid positive performance across metals markets supported by expectations of interest rate cuts in the United States, despite the typically subdued trading activity during the final sessions of the year.

Gold futures for February delivery climbed 1.10%, or $49.9, to $4,552.70 per ounce, marking a new record close and posting weekly gains of 3.77%.

VP & Senior Metals Strategist at Zaner Metals, told Reuters that expectations of further monetary easing by the Federal Reserve in 2026, a weaker dollar, and rising geopolitical tensions are all contributing to increased market volatility amid low liquidity.

Despite some risks related to profit-taking toward year-end, the broader trend remains strong, according to Grant.

Markets are pricing in two interest rate cuts by the Federal Reserve in 2026, amid speculation that US President Donald Trump may appoint a more dovish Federal Reserve chair.

As for silver, spot prices surged 7.55% to $77.2929 per ounce as of 10:47 pm KSA time.