Gold Surges Past $4,800 for the First Time on Global Tensions

Gold hit a new all-time high, breaking above the $4,800-per-ounce level during today’s trading, driven by rising demand for safe-haven assets and a weaker US dollar amid escalating global geopolitical tensions.

Spot gold climbed 1.2% to around $4,818 per ounce, after touching a record high of $4,836 earlier in the session, highlighting growing uncertainty across global markets.

US gold futures for February delivery also advanced about 1% to nearly $4,813 per ounce, as the dollar hovered near its lowest level in three weeks against the euro and the Swiss franc.

The rally in gold followed heightened political tensions linked to US statements regarding Greenland and strong European reactions, which triggered a sell-off in US assets and boosted demand for precious metals.

Meanwhile, silver, platinum, and palladium posted mixed gains, benefiting from the same environment, while investors await upcoming Federal Reserve decisions on interest rates, a key driver for gold prices.