Gold blasts through $4,700, breaking record
Photo: Gold prices exceeded $4,700 for the first time in history (Getty Images)
Gold prices exceeded $4,700 per ounce for the first time in history due to US President Donald Trump's desire to seize Greenland, Reuters reports.
On Tuesday, the price of gold exceeded $4,700 per ounce for the first time, while the price of silver traded near record highs as US President Donald Trump's threats to impose additional tariffs on European allies dampened global sentiment and caused a rush into safe-haven assets.
The spot price of gold rose 0.7% to $4,699.93 per ounce, after earlier hitting a record high of $4,701.23.
US gold futures for February delivery rose 2.4% to $4,706.50 per ounce.
The spot price of silver fell 0.4% to $94.27 per ounce after hitting a record high of $94.72 earlier in the session.
Among other precious metals, spot platinum fell 0.8% to $2,355.60 per ounce, while palladium fell 0.7% to $1,828.58.
"Growth concerns driven by threats of additional tariffs and the desire of Trump to have lower U.S. interest rates are the drivers pushing gold to a new record high," saya UBS analyst Giovanni Staunovo.
He notes that Trump's second term has so far been a boon for precious metals, and his unconventional approach to politics has played into the hands of gold and silver.
Gold prices have risen more than 70% since Trump began his second term a year ago.
Rising metal prices
Gold and silver prices began to rise sharply at the end of December 2025. This was facilitated, in particular, by geopolitical instability. On December 22, the price of gold rose to a historic high. The cost of the precious metal reached its best annual result in more than four decades.
At the same time, silver also set a new record.
Yesterday, January 19, the prices of gold and silver set new records.
According to media reports, gold, silver, and platinum rose significantly in price after inflation in the US led to a downward trend in the discount rate.
