Gold and silver prices surged to record highs on Monday.

Spot gold climbed 1.6 percent to US$4,670.01 per ounce by 01:10 GMT, after reaching an all-time high of US$4,689.39.

US gold futures for February delivery rose 1.8 percent to US$4,677.

Spot silver advanced 4.4 percent to US$93.85 per ounce, after hitting a record high of US$94.08.

Among other precious metals, spot platinum gained 1.9 percent to US$2,373.08 per ounce, while palladium edged up 0.5 percent to US$1,809 per ounce.