Dec 22 (Reuters) - Gold jumped more than 2% to a record high on Monday, powered by safe-haven flows as U.S.-Venezuela tensions flared, while silver also touched an all-time peak.
Spot gold was up nearly 2% at $4,421.15 per ounce by 09:43 a.m. ET (1443 GMT) after hitting $4,428.92 earlier.
U.S. gold futures for February delivery climbed 1.6% to $4,455.7 per ounce.
"Support in the near-term is coming from raised geopolitical tensions between the U.S. and Venezuela... Gold prices have been hovering just below record highs in recent sessions, so this looks like a simple textbook momentum break to the upside after recent bullish consolidation, in holiday markets with less volume," said an analyst at Nemo.Money.
"The obvious target for gold bulls is $5,000 next year."
U.S. President Donald Trump last week announced a "blockade" of all oil tankers under sanctions entering and leaving Venezuela.
Trump's pressure campaign against President Nicolás Maduro has included a heightened military presence in the region and more than two dozen strikes on vessels in the Pacific and Caribbean.
Gold as a safe-haven asset tends to thrive during periods of geopolitical uncertainty. Bullion has surged more than 68% this year in its biggest annual rise since 1979, fuelled by strong central bank buying, safe-haven flows, and lower interest rates.
Spot silver was up 2.7% at $68.93 after hitting a new high of $69.44. Prices are up 138% so far this year.
The drivers behind recent highs have centred on the persistent supply-demand deficit and import demand growing in India over its festive period, said Macquarie strategists, adding that they expect silver to average $57 an ounce in 2026.
The U.S. dollar (.DXY), edged lower against a basket of other major currencies, making dollar-priced bullion more affordable for overseas buyers.
Platinum jumped 5.3% to $2,06.8, hitting its highest in more than 17 years, while palladium climbed 3.2% to $1,767.68, hitting a near three-year high.
Reporting by Sherin Elizabeth Varghese and Sarah Qureshi in Bengaluru; Editing by Kirsten Donovan
