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Gold prices climb to new records amid market turmoil
(MENAFN) Gold prices continue to climb, reaching fresh record highs on Wednesday as global geopolitical and economic tensions persist.
Spot gold rises about 2% to $4,860 an ounce as of 0950 GMT, after earlier touching an all-time peak of $4,888. Over the past year, gold has gained roughly 77.1%, fueled by trade disputes, geopolitical risks, and interest rate cuts by central banks.
Silver also advances 0.66% to $95.11 an ounce, marking a more than 208.4% increase over the past 12 months.
Market analysts point to renewed geopolitical concerns as key drivers, including discussions over Greenland following US President Donald Trump’s weekend comments threatening higher tariffs on countries opposing US control of the territory and signaling potential military deployments.
Investors are also closely watching Trump’s upcoming speech at the World Economic Forum in Davos for further signals that could affect market sentiment.
Spot gold rises about 2% to $4,860 an ounce as of 0950 GMT, after earlier touching an all-time peak of $4,888. Over the past year, gold has gained roughly 77.1%, fueled by trade disputes, geopolitical risks, and interest rate cuts by central banks.
Silver also advances 0.66% to $95.11 an ounce, marking a more than 208.4% increase over the past 12 months.
Market analysts point to renewed geopolitical concerns as key drivers, including discussions over Greenland following US President Donald Trump’s weekend comments threatening higher tariffs on countries opposing US control of the territory and signaling potential military deployments.
Investors are also closely watching Trump’s upcoming speech at the World Economic Forum in Davos for further signals that could affect market sentiment.
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