Gold Tops USD5,000 Amid Uncertainty

(MENAFN) Gold prices continued their historic ascent on Monday, exceeding the $5,000 threshold for the first time, driven by ongoing geopolitical and financial instability that bolstered demand for "safe-haven assets."

Spot gold climbed roughly 2.2% to $5,090.8 per ounce as of 0700GMT, having earlier touched an unprecedented peak of $5,111.11. Over the past week, prices have surged around 9.1%.

Over the last 12 months, gold has soared approximately 84%, with a 17% gain since the beginning of this year. This growth has been fueled by escalating trade and geopolitical frictions, along with interest rate reductions by major central banks.

Silver also experienced notable gains, jumping 4.6% to $107.6 per ounce, after hitting a record of $109.46. Over the past year, silver prices have skyrocketed more than 252%.

Analysts highlighted renewed geopolitical issues as a major catalyst, including US President Donald Trump's demands regarding Greenland.

Market unease intensified after Trump's comments concerning the situation in Iran, which further amplified uncertainty.

Additionally, Trump warned on Saturday that he could levy "100% tariffs on all Canadian goods entering America" if Ottawa finalized a trade agreement with Beijing.
"If Canada makes a deal with China, it will immediately be hit with a 100% tariff against all Canadian goods and products coming into the U.S.A.," Trump stated on his social media platform Truth Social.

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