Comex gold futures climbed above the $4,200 per troy ounce threshold on Monday, reaching $4,215, while silver prices approached $64, settling at $63.73.
The gains marked a continuation of the recovery rally that began last week, as precious metals shed recent losses amid improving market sentiment.
The rebound was driven by a combination of a weakening US dollar and easing concerns regarding an imminent interest rate hike by the US Federal Reserve.
Investors appear to be pricing in a more dovish stance from the central bank, reducing the opportunity cost of holding non-yielding assets like gold and silver.
This shift in rate expectations provided crucial support for the metals sector, which had previously faced headwinds from higher yields.
This latest move follows a period of volatility for precious metals, which recently posted their worst quarterly performance in years.