Gold prices keep soaring as demand surges and dollar slides
Photo: Gold prices continue to rise rapidly (flickr.com/National Bank Of Ukraine)
Global gold prices rose to a record high of over $4,800 per ounce amid growing demand and a falling dollar, Reuters reports.
The spot price of gold rose 1.2% to $4,821.26 per ounce after earlier reaching a record high of $4,843.67 during the session. US gold futures for February delivery rose 1% to $4,813.50 per ounce.
"It's the loss of trust in the U.S. caused by Trump's moves over the weekend to tariff European countries and increase coercion in trying to take Greenland. (The move in gold) reflects fears about global geopolitical (tensions)," says Kyle Rodda, senior market analyst at Capital.com.
According to Rodda, investors are selling the dollar and Treasury bonds, especially long-term ones, and buying gold because confidence in gold is now greater than in the US currency.
He also notes that a weaker dollar makes precious metals, whose prices depend on the dollar, cheaper for foreign buyers.
In addition, the spot price of silver fell 1% to $93.59 per ounce after hitting a record high of $95.87 on Tuesday.
Spot platinum fell 0.7% to $2,445.96 per ounce after hitting a record high of $2,511.80 earlier in the day, while palladium fell 0.5% to $1,857.19.
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 precious metal achieved its best annual result in more than four decades.
Yesterday, January 20, gold prices exceeded $4,700 per ounce for the first time in history amid the US President's desire to seize Greenland.
