Gold soared beyond $4,700 per ounce for the first time on Tuesday, while silver edged close to a record high, driven by escalating global tensions and a flight to safe-haven assets.
Spot gold climbed 1.3% to $4,727.99 by 0910 GMT, touching a peak of $4,731.34. Silver advanced 0.7% to $95.34 per ounce, after briefly hitting a record $95.488 earlier in the session.
The rally stemmed from the U.S. President Donald Trump’s threat to slap escalating tariffs on eight European countries starting February 1, unless the U.S. gains access to buy Greenland. This stoked fears of a fresh trade war.
“Growth concerns from tariff threats and Trump’s push for lower U.S. interest rates are propelling gold to new records,” said UBS analyst Giovanni Staunovo.
Gold has rocketed 9.5% in just 20 days this year and over 70% since Trump’s second term started a year ago. Geopolitical risks, anticipated monetary easing, robust central bank purchases, and ETF inflows have fueled the surge.
Silver, meanwhile, jumped 147% throughout 2025, bolstered by its status as a U.S. critical mineral and a persistent supply deficit amid rising demand. It has gained 33.7% so far in 2026.
Story by: Mercy Addai Turkson #ahotoronline.com