Gold Surges to Record Amid Geopolitical Tensions
(MENAFN) Gold prices soared to unprecedented levels on Friday, driven by ongoing geopolitical and economic instability that continues to fuel interest in safe-haven assets.
Spot gold climbed approximately 0.4% to $4,954 per ounce as of 0700GMT, after reaching a record peak of $4,967.48 earlier in the trading session. Over the course of the week, prices increased by roughly 7.8%.
Over the past year, gold has risen nearly 80%, and it has gained about 15% since the beginning of the year. This rally has been reinforced by elevated trade and geopolitical tensions, alongside interest rate reductions implemented by leading central banks.
Silver experienced gains as well, advancing 3% to $99.38 per ounce. Over the last twelve months, silver prices have surged more than 225%.
Analysts highlighted renewed geopolitical anxieties as a major factor supporting the rally. This includes discussions regarding Greenland following US President Donald Trump’s weekend comments threatening additional tariffs on nations opposing US authority over the territory and the deployment of military forces there.
Contributing to market unease, Trump told reporters aboard Air Force One late Thursday that the US had a naval fleet approaching Iran and cautioned Tehran against violent suppression of nationwide protests or restarting its nuclear program.
“I’d rather not see anything happen,” Trump said. “We have an armada. We have a massive fleet heading in that direction, and maybe we won’t have to use it. We’ll see.”
Spot gold climbed approximately 0.4% to $4,954 per ounce as of 0700GMT, after reaching a record peak of $4,967.48 earlier in the trading session. Over the course of the week, prices increased by roughly 7.8%.
Over the past year, gold has risen nearly 80%, and it has gained about 15% since the beginning of the year. This rally has been reinforced by elevated trade and geopolitical tensions, alongside interest rate reductions implemented by leading central banks.
Silver experienced gains as well, advancing 3% to $99.38 per ounce. Over the last twelve months, silver prices have surged more than 225%.
Analysts highlighted renewed geopolitical anxieties as a major factor supporting the rally. This includes discussions regarding Greenland following US President Donald Trump’s weekend comments threatening additional tariffs on nations opposing US authority over the territory and the deployment of military forces there.
Contributing to market unease, Trump told reporters aboard Air Force One late Thursday that the US had a naval fleet approaching Iran and cautioned Tehran against violent suppression of nationwide protests or restarting its nuclear program.
“I’d rather not see anything happen,” Trump said. “We have an armada. We have a massive fleet heading in that direction, and maybe we won’t have to use it. We’ll see.”
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment