Gold rose to an all-time high as escalating geopolitical tensions and bets on further U.S. rate cuts added momentum to the best annual performance in more than four decades.

Gold, silver, and copper have reached multiple all-time highs, with gold rising more than two-thirds over the year. The surge is attributed to expectations of lower US interest rates, a weakening US dollar, declining trust in central banks, and ongoing geopolitical tensions. 

Analysts, including those at Goldman Sachs, have identified gold as a top commodity for the coming year, projecting further price increases if private investors increase their exposure. Other precious metals such as silver, platinum, and palladium have also experienced sharp gains, particularly in the current illiquid market environment.

Gold climbs to record high amid geopolitical tensions

Metal traders are seeing multiple all-time highs as gold, silver and copper see positive momentum. For more, we're joined now by Bloomberg's metals reporter Martin Ritchie in Shanghai. Martin, talk us through then what we're seeing with these record highs, a host of different drivers for the precious metals versus the more industrial type. Yes, quite an exciting start to this final full week of this year and it's been a quite amazing year for metals on the whole. So just taking a step back, you've now got gold up more than two-thirds this year. It's benefiting from a prospect of lower interest rates in the US next year from what's now called the debasement trade, this growing level of decreasing trust in central banks. The US dollar has been weaker. Then you've got these geopolitical tensions as well, stirring all the time. Gold into next year, a lot of banks, a lot of analysts have picked it as their favorite metal, their favorite commodity for next year. Goldman Sachs saying it could be on course for 4,900 next year, even higher if some of the private investors who are less exposed to gold so far start putting more money into the metals. What you're seeing today across the complex, you're seeing all the other precious metals gain a lot. These are relatively small markets and in a illiquid time of year, with all this going on there, they're bound to make quite sharp moves. You've seen silver, platinum, palladium all spike up today. So quite a lot going on towards the end of the year. And is the momentum that we've got now sustainable, do you think? In the precious metals space, it's hard to find people who are bearish going into next year. I mentioned Goldman just now, but across a whole sweep of people that watch this market, all the signs are that this could go further. When you've got these, we're in very uncertain times geopolitically. And in this kind of period, it's when gold does tend to shine, and that's not going to change anytime soon. And as I said, there's not a huge amount of money, private investor money in gold so far. And the more that does go into that market, given all those fears, the more you could see gold rise.

China's foreign ministry on Monday (December 22) said the United States' seizure of another country's ships was a serious violation of international law, after the U.S. intercepted a China-bound oil tanker off the Venezuelan coast.

Beijing

China says U.S. ship seizures ‘serious violation' of international law

U.S. President Donald Trump named Louisiana Governor Jeff Landry on Sunday as his special envoy to Greenland, drawing renewed criticism from Denmark and Greenland over Washington's interest in the mineral-rich Arctic island.

Nuuk

Trump appoints special envoy to Greenland, stirs backlash

A Russian general was killed by an explosive device underneath his car in Moscow, according to Russian investigators, who say Ukraine's intelligence services may have orchestrated the attack. Ukraine has not commented.

Moscow

Ukraine Invasion

Russian general killed in car explosion

The U.S. Coast Guard is pursuing an oil tanker in international waters near Venezuela, officials told Reuters on Sunday (December 21), in what would be the third operation in less than two weeks if successful.

Caracas

U.S. pursuing third oil tanker near Venezuela, officials say

At least 15 documents related to Jeffrey Epstein that were initially made public have been pulled from the Justice Department website. The agency says it will keep reviewing and redacting materials to "protect victims."

Washington

Epstein files pulled down to 'protect victims'

Nine people have died and at least ten others were wounded after a group of gunmen carried out a shooting at a South African pub during the early hours of Sunday, authorities said.

Bekkersdal

At least nine people killed in South Africa pub shooting

U.S. intelligence reports continue to warn that Russian President Vladimir Putin has not abandoned his aims of capturing all of Ukraine and reclaiming parts of Europe that belonged to the former Soviet empire, six sources familiar with U.S. intelligence said.

As peace talks go on, U.S. intel says Putin's war goals unchanged

A court in Pakistan has convicted and sentenced the imprisoned former Prime Minister Imran Khan and his wife, Bushra Bibi, to 17 years in prison after finding them guilty of retaining and selling state gifts, including jewelry given by Saudi Arabia in 2021.

Islamabad

Former Pakistani PM Imran Khan convicted to 17 years in prison

The U.S. seized an oil tanker off Venezuela's coast on Saturday. It's the second time in two weeks that U.S. forces have carried out such an action. This comes after President Donald Trump announced a block of "sanctioned oil vessels" entering and exiting Venezuela.

Oil tanker seized off Venezuela, second in two weeks

The Justice Department released more documents related to the late sex offender Jeffrey Epstein on Saturday after failing to meet Friday's deadline to release all the documents, as required by the law signed by President Trump last month. The Justice Department said the delay was, in part, to ensure that victims' information was protected.

Justice Department releases more Epstein documents Saturday

The U.S. Department of Justice released thousands of documents, photos and files related to late sex offender Jeffrey Epstein on Friday. But some Democrats are criticizing the partial release because the department had a deadline to release all of the files by end of Friday.

'Partial' release of Epstein files faces criticism

The United States military “hit the ISIS [ISIL] thugs in Syria”, President Donald Trump has said, a week after two US soldiers and an interpreter were killed in Syria’s Palmyra city. Trump said he “ordered a massive strike on the terrorists that killed our three great patriots last week”.

Damascus

Trump says U.S has launched large-scale attacks on ISIL in Syria

Ukraine said its drones hit a vessel from Russia's shadow fleet – the first such strike in the neutral waters of the Mediterranean Sea. Russia's shadow fleet transports sanctioned Russia oil by frequently changing flags and concealing ownership.

Ukraine strikes Russian shadow fleet tanker in Mediterranean sea

The U.S. Justice Department has released thousands of files relating to Jeffrey Epstein, including photos featuring people like former President Bill Clinton and Mick Jagger. However, survivors are concerned with how much information was redacted from the files.

Thousands of new Epstein files, photos released

The U.S. military launched large-scale strikes against dozens of Islamic State targets in Syria on Friday (December 19) in retaliation for an attack on American personnel, U.S. officials said.

U.S. hits ISIS in Syria with large retaliatory strikes

The man suspected of carrying out an attack in Taiwan with a smoke grenade and knife acted alone, police said on Saturday of the incident that killed at least four, including the attacker. This edit contains graphic images.

Taipei City

Taipei attacker acted alone, police say after three killed

The suspect in the Dec. 13 mass shooting on the campus of Brown University was found dead by suicide in a storage unit in Salem, New Hampshire, authorities said. He has been identified as 48-year-old Claudio Manuel Neves Valente, a former Brown grad student.

Providence

How a Reddit post led police to the suspected university shooter

Seven people were killed, including former NASCAR driver Greg Biffle and his wife and children, in a plane crash in North Carolina. Investigators hope to find clues about why it happened on the cockpit voice recorder. Cristian Benavides has the latest.

Plane crash kills NASCAR driver, family

President Trump announced new agreements on Friday with nine pharmaceutical companies aimed at making certain prescription drugs cheaper. CBS News reporter Karen Hua has the details.

Trump announces agreements with major drugmakers to lower prices

The U.S. Justice Department released a new trove of documents from its investigations into the late financier and convicted sex offender Jeffrey Epstein on Friday, bowing to pressure from lawmakers who forced their disclosure with a new law.

Washington County

Justice Department releases new tranche of Epstein files

The Justice Department has released a new batch of files related to convicted sex offender Jeffrey Epstein. CBS News legal reporter Katrina Kaufman has more.

Combing through newly released Epstein files

TikTok has signed a deal to sell its U.S. operations to a group of investors in America, a source familiar with the deal tells CBS News.

TikTok nears deal to avoid ban in the U.S.

Russian President Vladimir Putin reacted to the European Union's massive $108 billion loan to fund Ukraine's war against Russia.

Kyiv

European Union loans Ukraine billions as Putin boasts about war

The war, which began with Russia’s full-scale invasion in February 2022, continues to take a heavy toll on civilians, particularly in frontline areas such as Zaporizhzhia, where fighting and shelling persist.

Putin accuses Kyiv of rejecting peaceful settlement

The man believed to be responsible for carrying out the Brown University shooting and killing an MIT professor was found dead in a storage unit in New Hampshire on Thursday, officials said.

Salem

Suspect in Brown and MIT shootings found dead

Australia will launch a national gun buyback program in the aftermath of a deadly attack on a Hanukkah celebration at Sydney's Bondi Beach, Prime Minister Anthony Albanese said.

Council of the City of Sydney

Australia announces gun buyback program after Bondi Beach shooting

TikTok’s Chinese owner, ByteDance, signed binding agreements with American investors to allow the U.S. arm of the business to continue operating.

TikTok signs deal to allow app to continue operating in the U.S.

Under a law passed by Congress and signed by President Trump, the Justice Department has until Friday to release its files on the Jeffrey Epstein case. House Democrats released more photos from the estate of the convicted sex offender. Scott MacFarlane reports.

House Democrats release more Epstein photos ahead of DOJ deadline

The European Commission announced it will delay the signing of the Mercosur trade agreement until the new year after Meloni asked for more time. No date has been set. Backers hope deal won't be further derailed.

Brussels

Mercosur signature delayed to January after Meloni asked for more time

President Trump on Thursday signed an executive order to reclassify marijuana as a Schedule III drug. CBS News White House reporter Aaron Navarro has more on that and the president's year-end address from Wednesday night.

Breakdown