Gold notches record above $4,700/oz, silver hits all-time high

Gold climbed to another record high on Tuesday, scaling the unprecedented $4,700 an ounce milestone as escalating geopolitical tensions boosted safe-haven demand, while silver also broke above $95 for the first time.

Spot gold gained about 2% to $4,757.33 per ounce by 01:52 p.m. ET (18:52 GMT), after reaching a record high of $4,765.93 earlier in the day. U.S. gold futures for February delivery settled 3.7% higher to $4,765.80/oz.

“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.

“A softer dollar is providing an additional tailwind for precious metals, reinforcing gold’s rally at a time when confidence in US assets appears to be wobbling.”

Wall Street’s main indexes slid to a near three-week low on Tuesday, as investors were spooked by renewed tariff threats from President Donald Trump against Europe over control of Greenland.

The remarks have heightened tensions ahead of Trump’s expected meeting with global business leaders in Davos, Switzerland, on Wednesday.

The U.S. dollar was set for its largest daily fall in over a month, making greenback-priced gold more affordable for overseas buyers.

Gold, seen as a safe store of value during economic and political instability, soared 64% in 2025 and has added another 10% since the start of the year. The metal’s rally has also been supported by expectations of U.S. interest rate cuts, which reduce the opportunity cost of holding non-yielding bullion.

Markets are pricing in two rate cuts of 25-basis-points from mid-2026, while focus intensified after U.S. Treasury Secretary Scott Bessent said Trump could name a new Federal Reserve chair as early as next week.

“$4,800 and $4,900 are the next obvious reference points (for gold), with the key $5,000 handle standing out as the longer-term psychological target,” Razaqzada added.

Spot silver slipped 0.3% to $94.38/oz, after hitting a record $95.87 earlier. The white metal added about 147% in 2025 and has gained more than 32% since the start of 2026.

Elsewhere, spot platinum added 2.3% to $2,429.60/oz, while palladium was up 1.1% at $1,861.61.