Experts say factors including Donald Trump’s aggressive policies and pressure on the dollar are pushing investors toward the ‘safe haven’ of precious metals
Last year’s extraordinary run in precious metals has only intensified in 2026, as Donald Trump has continued to rip up the rules of the global economy.
Gold has been on a tear since last summer, repeatedly breaking records. It has risen by more than a quarter this month and hit a new high of just under $5,595 (£4,060) an ounce on Thursday.
It dropped sharply later in the day to $5,250 (£3,810) as speculation swirled about possible US action in Iran; but that remains almost double the price when Donald Trump’s second term in the White House kicked off a year ago.
Silver, meanwhile, was trading below $30 (£22) an ounce when the president prepared to announce his “liberation day” tariffs last April, but has since almost quadrupled in price, to more than $118 (£86) an ounce, with the most rapid run-up coming in the last month.
