Gold and silver prices continued to rise on Monday, with gold futures reaching near-record highs of $2,750 per ounce and silver briefly hitting $34 per ounce, the highest in 12 years.

Gold is up 26% and silver 35% year to date, outperforming the S&P 500’s 19% gain.

Central banks’ record gold purchases and increased investor interest in gold-backed ETFs have driven the surge, Yahoo Finance has reported.

Analysts predict gold could reach $2,850 by year’s end, while silver’s industrial uses and perceived undervaluation suggest further gains, though potential geopolitical factors may impact silver’s future performance.

Written by B.C. Begley