Spot gold broke through $4,400 for the first time, rising 67% this year, and silver soared nearly 140% in one year.

Driven by rising market expectations for further interest rate cuts by the Federal Reserve and strong demand for safe havens, gold prices broke through the $4,400 per ounce mark for the first time on Monday, while silver also rose simultaneously, hitting a record high. As of 05:02 GMT, spot gold rose 1.4% to US$4,397.16 per ounce. It once broke through the US$4,400 mark during the session and hit a historical peak of US$4,400.29 per ounce.

Spot silver rose 3.3% to hit a record high of $69.44 an ounce.

U.S. gold futures for February delivery rose 0.98% to $4,430.30 an ounce.

Since the beginning of this year, the price of precious metals has increased significantly. Gold has increased by 67%, setting multiple records in succession. It has reached the two important levels of US$3,000 and US$4,000 per ounce for the first time, and is expected to set the largest annual increase since 1979.

Silver rose as much as 138% during the same period, far outperforming gold. This trend was driven by strong investment capital inflows and continued supply shortage pressure.