Gold, silver and platinum surged to unprecedented levels on Friday, driven by declining confidence in US assets amid mounting geopolitical tensions and growing economic uncertainty.
Spot gold rose 0.3 percent to $4,951.91 an ounce by 03:58 GMT, after touching a new all-time high of $4,966.59 earlier in the session. US gold futures for February delivery climbed 0.8 percent to $4,952.80 an ounce, reports Al-Rai daily.
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Market sentiment has been increasingly shaped by concerns over the global political landscape and its implications for US economic credibility.
Kyle Rodda, senior market analyst at Capital.com, said confidence in the United States and its assets has been severely shaken, pushing investors toward traditional safe havens.
“Confidence in the United States and its assets has been shaken, perhaps forever, and this is driving money into precious metals,” he said.
Uncertainty intensified following comments by the US president claiming full and permanent American access to Greenland under an agreement with NATO.
However, details of the arrangement remain unclear, and Denmark has reiterated that its sovereignty over the island is not subject to negotiation.
Silver posted even sharper gains, rising 2.6 percent in spot trading to $98.71 an ounce after hitting a record peak of $99.20 earlier in the day.
Platinum also advanced, gaining 0.4 percent to $2,639.40 an ounce, after touching an intraday record of $2,684.43.
In contrast, palladium moved lower, slipping 0.9 percent to $1,903.10 an ounce.
The broad rally across precious metals reflects growing investor demand for assets perceived as insulated from political risk, currency volatility and long-term economic instability.
