LONDON: The price of safe-haven asset gold <a href="https://www.pakistantv.com/article/gold-silver-hit-records-and-stocks-fall-as-trump-fans-trade-fears" style="color:#0073e6;">surpassed</a> $5,000 on Sunday, hitting a record amid rising global uncertainty and turmoil set off by policies of the United States. Gold reached $5,026 an ounce in trading after sister metal silver blasted through $102 an ounce for the first time Friday. While turbulence over US President Donald Trump&#39;s ambitions for Greenland and pressure on the Federal Reserve have provided the most recent support for gold, the precious metal has, for two years achieved all-time peaks on factors ranging from a weak dollar, strong central bank demand, and elevated inflation. Gold stood at just above $2,000 an ounce in January 2024. The precious metal&#39;s price has also <a href="https://www.pakistantv.com/article/gold-soars-past-4500-as-safehaven-demand-hits-record-levels" style="color:#0073e6;">risen</a> due to the wars in Ukraine and Gaza, as well as Washington&#39;s intervention in Venezuela. &quot;Over the past few days, gold&#39;s price action has been textbook safe-haven behavior,&quot; said Fawad Razaqzada, market analyst at <a data-fr-linked="true" href="//Forex.com" style="font-size: 18px; color: rgb(0, 115, 230);">Forex.com</a>. &quot;Underlying demand for protection is still there. Confidence in the dollar and bonds look a bit shaky.&quot; &#39;Slow-burning support&#39;&nbsp;Trump backed away last week from threatened tariffs on several European nations because of their opposition to Washington seizing the mineral-rich Arctic island of Greenland. But his comments set off a bruising transatlantic crisis, reviving trade war fears and uncertainty about US investment. The dollar plunged to a four-month low against the euro while gold prices surged. &quot;Gold pressed on to a fresh record high as geopolitical tensions remain elevated,&quot; Neil Wilson, investor strategist at Saxo UK, noted Friday. &quot;The extreme tail risk of a US military intervention in Greenland was never being priced by markets. Worries about an escalatory trade war were.&quot; Danish Prime Minister Mette Frederiksen visited Greenland&#39;s capital on Friday for talks with the territory&#39;s leader. Investors were additionally preparing for this week&#39;s Federal Reserve policy meeting, which comes after US prosecutors took aim at its boss, Jerome Powell, raising fears over the bank&#39;s independence. Trump has made no secret of his disdain for Powell, claiming there is &quot;no inflation&quot; and repeatedly questioning the Fed chair&#39;s competence and integrity. The heads of major central banks threw their support behind the Fed and Powell last week, after US prosecutors issued subpoenas against him that threaten a criminal indictment. &quot;Add in lingering doubts around central bank independence, and you are left with a slow-burning support base for gold,&quot; said independent analyst Stephen Innes. Gold demand by value surged 44% year-on-year to a record $146 billion in the third quarter of last year, the World Gold Council has said in its latest report. There has been strong demand for gold also via Exchange-Traded Funds on stock markets. ETFs allow investment without trading on the gold futures market.

Business

Gold reaches $5,026 an ounce in trading after sister metal silver blasted through $102 an ounce for the first time on Friday.

Gold tops record $5,000 mark on Trump policy uncertainty

Reuters

Gold prices climbed to a record high on Tuesday (October 14) as renewed US-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of US rate cuts lent support, with silver also reaching an all-time peak.&nbsp;Spot gold was up 0.4% at $4,124.79 per ounce, as of 0029 GMT, after having hit an all-time high of $4,131.52 earlier in the session.&nbsp;Safe-haven gold has surged 57% year-to-date, surpassing the crucial $4,100 milestone for the first time on Monday (October 13), bolstered by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying, and strong ETF inflows.&nbsp;Spot silver was up 0.3% at $52.49 per ounce, after hitting $52.70 earlier in the day, supported by factors driving gold and tightening in the spot market.&nbsp;Bank of America and Societe Generale analysts now forecast gold to hit $5,000 by 2026, while Standard Chartered raised its 2026 average forecast to $4,488.

Spot gold comes down to $4,124.79 per ounce, as of 0029 GMT, after having hit an all-time high of $4,131.52 earlier in the session.

Articles tagged with "international gold price"

Gold tops record $5,000 mark on Trump policy uncertainty

Gold hits record high on safe-haven rush; silver follows suit