Gold climbed to a fresh all-time high, crossing $5,000 an ounce on Monday and extending its record-breaking run as investors seek the safety of the yellow metal amid rising geopolitical tensions and global fiscal risks.
Spot gold prices and U.S. gold futures for February gained 1.2%, trading at $5,042 and $5,036 an ounce, respectively.
The precious metal’s surge comes as recent flashpoints from Greenland and Venezuela to the Middle East underscore higher geopolitical risk, reinforcing gold’s appeal as a hedge against uncertainty.
“The recent further leg up in gold and silver prices has arrived on the back of geoeconomics issues related to Greenland,” HSBC wrote in a note last week.
Silver also rallied Monday, with spot prices jumping 3% to $106.1 per ounce, also benefiting from industrial demand.
