Gold surged past 4,381 dollars an ounce, reclaiming momentum after a brief pullback and marking its strongest annual performance in more than four decades, Bloomberg reported.

Bullion rose more than one percent in early trading, driven by sustained investor appetite, and is on track for one of its most significant yearly gains since 1979.

The rally has been reinforced by escalating geopolitical tensions. The United States has intensified pressure on Venezuela with an oil blockade, while Ukraine targeted an oil tanker linked to Russia’s shadow fleet, stoking global market uncertainty and reinforcing gold’s appeal as a safe-haven asset.

Central-bank purchases and renewed inflows into bullion-backed exchange-traded funds have further supported demand. Major banks remain bullish, with Goldman Sachs Group Inc. projecting a base-case gold price of 4,900 dollars an ounce in 2026, citing persistent geopolitical and monetary uncertainty and upside risks.

Silver mirrored gold’s advance, climbing as much as 2.7 percent to a record 68.99 dollars an ounce, aided by speculative inflows and lingering supply disruptions after a historic short squeeze in October. Platinum extended its rally for an eighth consecutive session, surpassing 2,000 dollars an ounce for the first time since 2008, with prices rising roughly 125 percent this year amid tightening supply, strong Chinese demand, and hedging flows into the US.