Goldman Sachs has raised its forecast for gold prices in December 2026 to $5,400 an ounce from $4,900, citing sustained central bank demand.

Gold surged 1.8% to 4,409.84 dollars an ounce, while silver jumped 3.5% to 75.38 dollars. Platinum and palladium each gained about 2%.

Other precious metals also advanced. Silver surged as much as 3.4%, reaching record levels just shy of 70 dollars an ounce, while palladium jumped 5%.

Gold, traditionally viewed as a safe haven, has jumped 59% since the start of the year.

In an increasingly unstable world, gold reserves serve as a safe haven, and central banks are building their holdings at a frenzied pace.