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Gold Prices Hit Record High
(MENAFN) Precious metals experienced a dramatic rally during Monday's trading session as tariff threats and geopolitical turbulence drove investors toward safe-haven assets.
The yellow metal climbed approximately 1.63% to reach $4,670 per ounce by 0830GMT, momentarily touching an unprecedented peak of $4,690. Over the past year, gold has skyrocketed roughly 72.9%, propelled by trade disputes, international tensions, and monetary policy shifts from central banks worldwide.
Silver demonstrated even more explosive growth, jumping 3.6% to $93.2 per ounce on Monday. The white metal has witnessed a staggering surge exceeding 207.2% across the same 12-month period.
Market volatility intensified following weekend announcements from US President Donald Trump, who declared Saturday his intention to levy 10% tariffs beginning Feb. 1 against merchandise from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the UK. The president cited these nations' resistance to American authority over Greenland and their deployment of military forces to the Danish territory as justification for the penalties. Trump warned the tariff rate would escalate to 25% absent a negotiated settlement by June 1.
European nations responded sharply, warning the measures threaten to destabilize transatlantic partnerships while pledging coordinated countermeasures.
The yellow metal climbed approximately 1.63% to reach $4,670 per ounce by 0830GMT, momentarily touching an unprecedented peak of $4,690. Over the past year, gold has skyrocketed roughly 72.9%, propelled by trade disputes, international tensions, and monetary policy shifts from central banks worldwide.
Silver demonstrated even more explosive growth, jumping 3.6% to $93.2 per ounce on Monday. The white metal has witnessed a staggering surge exceeding 207.2% across the same 12-month period.
Market volatility intensified following weekend announcements from US President Donald Trump, who declared Saturday his intention to levy 10% tariffs beginning Feb. 1 against merchandise from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the UK. The president cited these nations' resistance to American authority over Greenland and their deployment of military forces to the Danish territory as justification for the penalties. Trump warned the tariff rate would escalate to 25% absent a negotiated settlement by June 1.
European nations responded sharply, warning the measures threaten to destabilize transatlantic partnerships while pledging coordinated countermeasures.
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