The price of gold has surged past $5,000 (£3,659) an ounce for the first time, extending a historic rally after the precious metal gained more than 60% in 2025.
The sharp rise comes amid heightened financial and geopolitical uncertainty, including growing tensions between the United States and NATO over Greenland.
Market concerns have also been fuelled by US President Donald Trump’s trade policies, after he threatened on Saturday to impose a 100% tariff on Canada if it enters into a trade agreement with China.
Gold, along with other precious metals, is widely regarded as a safe-haven asset, attracting investors during periods of instability.
Demand has been further driven by persistently high inflation, a weaker US dollar, increased purchases by central banks, and expectations that the US Federal Reserve will cut interest rates again this year.
Ongoing conflicts in Ukraine and Gaza, as well as Washington’s actions against Venezuelan President Nicolás Maduro, have also contributed to the surge in gold prices.
Meanwhile, silver climbed above $100 an ounce for the first time on Friday, continuing its strong momentum after rising nearly 150% last year.
