Gold and Silver Soar to Record Highs Amid Geopolitical Tensions

Gold and silver prices climbed to fresh record levels during Tuesday’s session, driven by rising demand for safe-haven assets amid escalating geopolitical tensions and renewed weakness in the U.S. dollar.

Market anxiety intensified after U.S. President Donald Trump threatened to impose additional tariffs on European countries in connection with the ongoing Greenland dispute, adding fresh uncertainty to global trade relations.

Gold futures for February delivery jumped 2.65%, or $121.10, to $4,716.50 an ounce, after briefly touching an all-time high of $4,723.40 — the strongest level ever recorded by the most active futures contract. Spot gold extended its rally as well, rising 1% to a new record high of $4,716.14 an ounce.

Silver prices also posted sharp gains. March futures surged 6% to $93.85 an ounce, after reaching a historic peak of $94.745 during the session. In contrast, spot silver edged slightly lower by around 0.25% to trade near $94.13 an ounce, after earlier touching an all-time high of $94.72.

In currency markets, the U.S. dollar index — which tracks the greenback against a basket of six major currencies — fell 0.45% to 98.96 points, providing additional support for precious metals.

Elsewhere in the metals complex, spot platinum settled at $2,377.04 an ounce, while palladium prices slipped 0.28% to $1,837.42 an ounce.

What Does This Mean for Me?

Beyond geopolitical concerns, precious metals have also been supported by growing unease surrounding the independence of the U.S. Federal Reserve. The U.S. Supreme Court is expected to review a case this week related to President Trump’s attempt to dismiss Federal Reserve Board member Lisa Cook, a development that has further unsettled markets and reinforced investor demand for defensive assets.