Gold futures opened the week with a surge to a new all-time high of 4,442 before settling near 4,430. While geopolitical tensions in the Middle East contributed to the short-term strength, the market has seen a steady 10% increase since mid-November. Volatility moved higher alongside prices as market uncertainty remains elevated. Recent positioning data shows speculators are rebuilding net long positions after previously exiting those positions in October, showing renewed momentum as the year draws to a close.