Gold surged close to the $4,500-per-ounce mark on Tuesday (December 23), while silver hovered just shy of $70, as expectations of looser U.S. monetary policy and simmering geopolitical tensions propelled both precious metals toward record highs.

Gold and silver prices rose to record highs on Monday as geopolitical tensions combined with bets on US interest rate cuts to prompt a renewed jump in the precious metals. The price of gold rose as much as 1.

Both gold and silver are on pace to reach all-time closing highs today, according to analysts. The rally comes amid expectations for a strong finish in the stock market, where tech gains have helped boost performance.

Gold hovered within striking distance of the $4,500-an-ounce mark on Tuesday, buoyed by expectations of looser U.S. monetary policy and lingering geopolitical tensions that have driven the prices to a run of record highs.

Spot gold prices (XAUUSD:CUR) topped the $4,400-per-ounce level for the first time on Monday amid growing expectations of further U.S. rate cuts and strong safe-haven demand driven by geopolitical tensions.

Gold broke above $4,400 per ounce on Monday, while silver approached $70, as expectations of looser U.S. monetary policy and geopolitical tensions drove both metals to new record highs.