Gold climbed to a record above $5,000 an ounce on January 26, extending a historic rally as investors sought safety amid mounting geopolitical uncertainty.
Spot gold rose 1.98% to $5,081.18 an ounce by 03:23 GMT after touching an intraday peak of $5,092.71. U.S. gold futures for February delivery gained 2.01% to $5,079.30.
According to Reuters, the latest surge reflects a growing crisis of confidence in the U.S. administration and American assets following erratic policy decisions last week.
U.S. President Donald Trump on January 21 abruptly stepped back from threats to impose tariffs on European allies as leverage over Greenland. Over the weekend, he warned of a 100% tariff on Canada if it proceeds with a trade deal with China. Trump also threatened 200% tariffs on French wines and champagne to pressure President Emmanuel Macron to join his proposed Board of Peace initiative.
These developments have likely caused a fundamental shift in market behaviour, prompting investors to turn to gold as a preferred store of value.
Other precious metals also surged. Spot silver jumped 5.79% to $108.91 an ounce after hitting a record of $109.44. Platinum rose 3.77% to $2,871.40 after reaching a fresh high earlier in the session, while palladium gained 3.2% to $2,075.30, its highest level in more than three years.
Silver had already crossed the $100 threshold for the first time on January 23, building on a sharp rise last year driven by retail investor demand, momentum buying and prolonged tightness in physical supply.
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