Gold and silver showed no sign of slowing their rise on Monday as investors continue to pour into precious metals.

Gold futures (GC=F) touched fresh records, rising as much as 0.8% to hover near highs of $2,750 per ounce. Silver futures (SI=F) gained more than 3% before paring gains, briefly topping $34 per ounce, the highest level in 12 years.

The two precious metals have outperformed the broader markets, with bullion rising 26% year to date and silver gaining 35% during the same period, compared to the S&P 500’s (^GSPC) gain of 19% since the start of 2024.

Gold purchases by central banks, which hit a record in the first quarter of 2024, have been one of the biggest drivers of the precious metal’s rise this year. BofA analysts estimate gold has surpassed the euro to become the world’s largest reserve asset, second only to the US dollar.

Investors have also flocked to physically backed gold exchange-traded funds, with inflow up three months in a row, according to the World Gold Council.

“I think it’s the declining inflation expectation and also the rotation of assets that tend to perform well with a more dovish Fed,” Phil Streible, Blue Line Futures chief market strategist, told Yahoo Finance on Monday morning.

The strategist sees gold reaching $2,850 by the end of the year.

Meanwhile, silver surged higher after gaining more than 6% on Friday. JPMorgan analysts cited sentiment at the recent London Bullion Market Association/London Platinum and Palladium Market conference, with attendees forecasting an average year-ahead price of $45 per ounce for the grey metal.

“This bullish view is driven by a sense that silver is undervalued vs gold, less crowded, and supported by multifaceted, versatile demand applications,” wrote JPMorgan analysts on Friday.

Silver is used across different industries, from electronics to fuel cells in automobile components and solar panels. The analysts see uncertainty ahead for the metal if former President Donald Trump were to win the presidential election.

“We are bullish silver ourselves, though for this strong silver outperformance to eventuate, we likely need to see industrial metals prices continue to rally in 2025, something that could get complicated under a Trump presidency and a hard line on tariffs early next year, despite Chinese stimulus,” said the note.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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