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Gold (TVC: $GOLD ) and silver (TVC: $SILVER ) prices are at record levels on Dec. 22 as signs the U.S. economy is weakening send investors rushing into safe haven assets.

The spot price of gold is up 1.48% and trading at an all-time high of $4,456.60 U.S. per ounce. The price of the precious metal is up nearly 70% this year.

At the same time, the spot price of silver is up 2.15% and trading at a record $68.98 U.S. per ounce. The price of silver has gained 128% in 2025.

Gold and silver are viewed as safe haven assets in times of economic and geopolitical turbulence, and they have benefited from demand among investors and central banks.

Analysts say growing signs that the U.S. economy is weakening has investors around the world on the defensive and seeking to hedge risks and balance their portfolios heading into 2026.

Large fiscal deficits in the U.S., Europe and China have led to the monetary value of gold re-emerging, say many analysts.

Data recently showed he U.S. unemployment rate at a four-year high as the labor market deteriorates, raising the prospect of more interest rate cuts in the new year.

Lower rates are positive for gold and silver as they lower the opportunity cost of holding the non-yielding metals.

Investors are also closely watching who President Donald Trump names as the next chair of the U.S. Federal Reserve, with the central bank's independence and credibility on the line.

Many analysts on Wall Street see gold's price topping $5,000 U.S. an ounce and silver's price rising above $70 U.S. an ounce in the coming year.