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Gold (TVC: $GOLD ) is trading at a two-month high as soft U.S. economic data and a weak dollar send investors back to the safe haven asset.

The spot price of gold is currently at $4,368.60 U.S. per ounce, its highest level since mid-October of this year.

Commodities analysts say gold is extending gains as the sector gets a boost from weakness in the U.S. dollar and Treasury yields.

The dollar and Treasury yields have softened following dovish signals from the U.S. Federal Reserve and after the U.S. unemployment rate rose to 4.6%, its highest level in four years.

Markets are watching closely for signs of easing labor market growth and cooling inflation given that the two are the Federal Reserve's biggest considerations for cutting interest rates.

Beyond gold, silver prices remain at record highs after continued gains in recent weeks. Spot silver has risen 5% over the last week to trade at $66.20 U.S. an ounce.

Copper's price also continues to move higher due to constrained supply heading into 2026. Copper on the London Metals Exchange is currently trading at $11,797 U.S. per metric ton.

Copper hit a record high of $11,952 U.S. a ton on Dec. 12 due to worries about tight supply.

Many analysts expect metal prices to remain elevated and at record highs throughout 2026 due to a combination of risk averse investors and supply shortages.