403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Gold prices continue its record rally on Monday
(MENAFN) Gold prices extended their historic surge on Monday, climbing beyond the $5,000 mark for the first time ever, as ongoing geopolitical strains and economic uncertainty continued to fuel strong demand for safe-haven assets.
Spot gold gained roughly 2.2%, reaching $5,090.8 per ounce by 0700 GMT, after briefly hitting a record peak of $5,111.11 earlier in the day. Over the past week alone, prices rose by about 9.1%.
Over the last 12 months, gold has climbed approximately 84%, with gains of around 17% recorded since the beginning of the year. This rise has been driven by escalating trade and geopolitical tensions, along with interest rate reductions implemented by major central banks.
Silver prices also moved sharply higher, increasing 4.6% to $107.6 per ounce after touching an all-time high of $109.46. Over the past year, silver has surged by more than 252%.
Traders and analysts cited renewed geopolitical risks as a primary catalyst for the rally, including US President Donald Trump’s demands related to Greenland.
Market anxiety was further intensified by Trump’s comments regarding Iran, which added to broader uncertainty.
In addition, Trump threatened on Saturday to impose sweeping trade penalties on Canada should Ottawa strike a trade deal 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 wrote on his social media platform Truth Social.
Spot gold gained roughly 2.2%, reaching $5,090.8 per ounce by 0700 GMT, after briefly hitting a record peak of $5,111.11 earlier in the day. Over the past week alone, prices rose by about 9.1%.
Over the last 12 months, gold has climbed approximately 84%, with gains of around 17% recorded since the beginning of the year. This rise has been driven by escalating trade and geopolitical tensions, along with interest rate reductions implemented by major central banks.
Silver prices also moved sharply higher, increasing 4.6% to $107.6 per ounce after touching an all-time high of $109.46. Over the past year, silver has surged by more than 252%.
Traders and analysts cited renewed geopolitical risks as a primary catalyst for the rally, including US President Donald Trump’s demands related to Greenland.
Market anxiety was further intensified by Trump’s comments regarding Iran, which added to broader uncertainty.
In addition, Trump threatened on Saturday to impose sweeping trade penalties on Canada should Ottawa strike a trade deal 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 wrote on his social media platform Truth Social.
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.
Most popular stories
Market Research
More Story
Comments
No comment