Gold surged to a fresh record above $5,000 per ounce on Monday, extending a historic rally as investors rushed into the safe-haven metal amid rising geopolitical and trade uncertainties across global markets.
Spot gold climbed 1.79% to $5,071.96 per ounce in early trading after touching an intraday high of $5,085.50. US gold futures for February delivery also rose 1.79% to $5,068.70 per ounce, reflecting strong investor appetite.
The precious metal has gained around 64% in 2025 so far, supported by expectations of US monetary policy easing, heavy central bank buying, and strong inflows into gold-backed exchange-traded funds. China has added to its gold reserves for fourteen consecutive months, further boosting prices.
Market sentiment remains fragile due to escalating geopolitical and trade risks. US President Donald Trump recently eased tariff threats against European allies but reiterated plans to impose a 100% tariff on Canada if it proceeds with a trade deal with China. He has also threatened 200% tariffs on French wine and champagne.
A strengthening Japanese yen pushed the US dollar lower, making dollar-priced gold cheaper for international buyers. Investors are also trimming dollar positions ahead of this week’s Federal Reserve meeting, adding further support to gold prices.
Other precious metals followed gold’s rally. Spot silver jumped 4.57% to $107.65 per ounce after hitting a record high, while platinum and palladium also posted strong gains amid tight supply and increased investor interest.
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