Muscat: Gold rose about 0.4 percent to $4,503.59 an ounce, after hitting an intraday record of $4,509.65 earlier in the session. U.S. gold futures for February delivery climbed 0.7 percent to a fresh all-time high of $4,540.60 an ounce.

The rally was supported by a weaker U.S. dollar, which slipped to its lowest level in nearly three months against a basket of major currencies, making dollar-priced gold more attractive to overseas buyers.

Gold has enjoyed a remarkable run in 2025, gaining around 72 percent so far and repeatedly setting new records. Analysts attribute the surge to a combination of factors, including U.S. interest rate reductions, expectations of continued monetary easing, ongoing international conflicts, strong central bank purchases aimed at diversifying reserves away from the dollar, and rising investment inflows into exchange-traded funds.

Silver continued to outperform, rising 0.5 percent in spot trading to $71.80 an ounce after earlier touching an all-time high of $71.85. The metal has surged 149 percent since the start of the year, driven by a structural supply deficit, its designation as a critical metal in the United States, and robust industrial demand.

Among other precious metals, platinum jumped 2.9 percent to $2,342.25 an ounce after hitting a record high of $2,347.40, while palladium gained nearly 3 percent to $1,919.69 an ounce, its highest level in three years.