The price of gold has surpassed the $4,700 per ounce mark for the first time in history, setting an absolute record in global markets.
This is reported by Finway
Geopolitics and Economic Uncertainty Drive Price Increases
The rise in gold prices is linked to the actions of U.S. President Donald Trump, particularly his desire to control Greenland, as well as the threat of imposing additional tariffs on European partners. Such actions create tension in financial markets and compel investors to turn to safe assets, among which gold traditionally leads.
“On Tuesday, the price of gold exceeded $4,700 per ounce for the first time, while the price of silver traded near record highs, as President Trump’s threats to impose additional tariffs on European allies worsened global sentiment and triggered a rush towards safe assets. The spot price of gold rose by 0.7% to $4,699.93 per ounce, previously reaching a historic high of $4,701.23,” the report stated.
Gold futures in the U.S. for February delivery rose by 2.4%, reaching $4,706.50 per ounce. This further underscores the heightened demand for the precious metal as a safe-haven asset amid global economic uncertainty.
Trends in Other Precious Metals
Amid the record rise in gold, other precious metals showed mixed trends. The spot price of platinum fell by 0.8% to $2,355.60 per ounce. Palladium decreased by 0.7% to $1,828.58 per ounce. Meanwhile, silver, which reached a historic high of $94.72 per ounce at the beginning of the session, lost 0.4% by the end of trading, settling at $94.27 per ounce.
Analysts note that President Trump’s current policies, particularly his revolutionary approach to international relations and efforts to lower interest rates, are contributing to the rise in gold and silver prices. It is noted that since the beginning of Trump’s second presidential term, gold prices have increased by over 70%.