Gold and silver eased on Monday after record highs, as profit-taking and signs of easing geopolitical tensions tempered investor demand

Precious metals softened on Monday following a week of record-breaking gains, as investors booked profits and geopolitical tensions showed signs of easing.

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Spot gold fell 0.4% to $4,512.30 per ounce after reaching a record $4,549.71 on Friday.

February U.S. gold futures declined 0.4% to $4,535.10 per ounce.

Spot silver traded near $80 per ounce, rising slightly 0.7% to $79.68 after earlier hitting an all-time high of $83.62.

Silver has surged 181% year-to-date, outpacing gold, which has climbed 72% in 2025.

The metals’ gains have been fueled by industrial demand, supply constraints, geopolitical tensions, central bank purchases, and expectations of future U.S. interest rate cuts.

“Profit-taking and seemingly productive talks between President Trump and Ukrainian President Zelenskiy regarding a potential peace deal have temporarily weighed on gold and silver,” said Tim Waterer, Chief Market Analyst at KCM Trade.

Trump noted that discussions with Zelenskiy were “getting a lot closer, maybe very close” to ending the conflict in Ukraine.

Analysts remain optimistic. Waterer added, Gold could target $5,000 next year if the incoming Federal Reserve chairman adopts a more dovish stance. Meanwhile, silver, supported by ongoing industrial demand and supply constraints, could reach $100 in 2026.

Traders are watching for two potential U.S. rate cuts next year, with low-interest rates favoring non-yielding assets like gold and silver.

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Other metals saw mixed moves: spot platinum dropped 1.5% to $2,421.35 per ounce after earlier reaching $2,478.50, while palladium fell 6% to $1,807.59 per ounce.