Gold breaks $5,000 as investors rush to safety; silver tops $104
“Gold vaulted past $5,000 an ounce to a record high as investors piled into safe-haven assets amid geopolitical and trade uncertainty.”
Key points
- Gold vaulted past $5,000 an ounce to a record high as investors piled into safe-haven assets amid geopolitical and trade uncertainty.
- Silver extended its rally above $104, while platinum slipped and palladium posted modest gains.
Gold surged beyond the $5,000-per-ounce milestone to a fresh record, as investors sought safety amid heightened geopolitical and market uncertainty.
Spot gold rose to just over $5,029 per ounce, while US futures climbed to a similar level. An independent metals analyst said his outlook for the year includes a potential peak of $6,400 and an average price around $5,375 per ounce.
The rally was underpinned by fresh global tensions, including rising friction between Washington and NATO allies over Greenland, as well as continued instability tied to the Russia-Ukraine conflict. US-brokered talks in Abu Dhabi ended without an agreement, and overnight strikes in Ukraine were reported to have disrupted power supplies for large numbers of residents during subzero temperatures.
Additional uncertainty came from renewed trade threats, with US President Donald Trump warning of steep tariffs related to Canada’s dealings with China. Analysts also pointed to gold’s strong performance in the previous year, supported by looser US monetary policy, sustained central bank purchases and strong inflows into exchange-traded funds.
Other precious metals moved sharply as well: spot silver climbed above $104 per ounce, building on its recent breakout past $100, while platinum edged lower and palladium rose modestly. Market commentary cited tight physical supply conditions and momentum buying as key drivers for silver’s surge.
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