Spot gold gained 2.4% to $5,136.47 per ounce. Prices breached the key $5,000 mark for the first time on Monday.
U.S. gold futures for February delivery settled little changed at $5,082.60 per ounce.
Gold has already surged more than 18% so far this year, building on last year’s record rally, driven by a combination of factors including rising geopolitical and economic uncertainty, expectations of U.S. interest-rate cuts and increased central bank purchases amid a global de-dollarization trend.
Markets are focused on the U.S. Federal Reserve’s two-day policy meeting starting Tuesday, with interest rates expected to be unchanged and investors watching Fed Chair Jerome Powell’s press conference on Wednesday amid mounting worries about the central bank’s independence.
Meanwhile, Deutsche Bank and Societe Generale now forecast gold prices to reach $6,000 per ounce by the end of the year.
CME Group said on Tuesday that its metals complex reached a single-day record of 3,338,528 contracts on January 26, surpassing the previous record of 2,829,666 contracts set on October 17, 2025.
Spot silver jumped 6.9% to $111.11 an ounce after hitting a record high of $117.69 on Monday. It has already surged more than 55% so far this year, after recording a 146% gain last year.
“There’s going to be a lot of volatility ahead, with risks of sharp pullbacks (in silver),” said Bank of America’s Widmer, adding that strong fundamentals and exchange-traded-fund inflows could support a $170 price target.
Citi upgraded its short-term silver price forecast to $150 per ounce from $100 earlier.
Spot platinum fell 5.6% to $2,604.38 per ounce after hitting a record $2,918.80 per ounce in the previous session, while palladium lost about 4% to $1,904.25.