Gold notches another milestone, climbing past $4,700 an ounce on Tuesday amid rising geopolitical tensions. The precious metal continues to attract investors seeking safety.
Spot gold gained about 2% to $4,757.33 per ounce by early afternoon, after reaching an intraday record of $4,765.93. U.S. gold futures for February delivery settled 3.7% higher at $4,765.80 per ounce. Market analysts say the rally reflects heightened concerns over political instability and economic uncertainty.
“Gold has surged deeper into uncharted territory as investors hedge against rising political risk,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. He added that a softer U.S. dollar is reinforcing the gold rally, making bullion more affordable for overseas buyers.
Wall Street indexes fell to a near three-week low on Tuesday after President Donald Trump threatened renewed tariffs on Europe over Greenland. These remarks intensified concerns ahead of Trump’s upcoming meeting with global business leaders in Davos.
Gold, traditionally a safe-haven asset, soared 64% in 2025 and has added another 10% since the start of 2026. The rally is also supported by expectations of U.S. interest rate cuts, which lower the opportunity cost of holding non-yielding gold. Markets now price in two 25-basis-point cuts by mid-2026, while speculation grows about a potential new Federal Reserve chair.
Razaqzada said gold notches new reference points at $4,800 and $4,900, with the $5,000 mark standing as a longer-term psychological target. Spot silver briefly broke above $95 per ounce, hitting a record $95.87 before sliding slightly to $94.38. Silver has gained 147% in 2025 and over 32% this year.
Other precious metals also saw gains. Spot platinum rose 2.3% to $2,429.60 per ounce, while palladium increased 1.1% to $1,861.61. Analysts note that safe-haven demand continues to drive prices across the metals market.
The surge in gold notches another record in a historic bull run, reflecting both market caution and ongoing global economic uncertainty.
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