Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further US rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high.

Spot gold was up 1.4% at $4,397.16 per ounce, as of 0502 GMT, after breaking the $4,400 barrier to hit a record high of $4,400.29 earlier in the day. Spot silver climbed 3.3% to hit a historic high of $69.44.

US gold futures for February delivery rose 0.98% to $4,430.30 per ounce.

Bullion has gained 67% so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.

Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.

"With December usually producing positive returns for gold and silver, seasonality is on their side," said StoneX senior analyst Matt Simpson.

"Given that gold has already risen 4% this month and we're nearing the end of the year, bulls may want to tread with caution as volumes are to deplete and odds of profit-taking are also likely on the rise."

Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.

Traditionally viewed as a safe-haven asset, gold has been supported by heightened geopolitical and trade tensions, steady central bank buying and expectations of lower interest rates next year.

A softer dollar has provided an additional tailwind by making the metal cheaper for overseas buyers.

Markets are currently pricing in two US rate cuts for next year despite the Federal Reserve signalling caution. Non-yielding assets such as gold tend to benefit in lower interest rate environments.

Simpson said two Fed rate cuts were pencilled in for 2026, with a faster US jobs slowdown and a shift to a more dovish Fed likely to add further upside to gold.

Elsewhere, platinum jumped 4.3% to $2,057.15, hitting its highest in more than 17 years, while palladium climbed 4.2% to $1,786.45, hitting a near three-year high.