Gold rose today after topping the $5,100 level for the first time in the previous session as safe-haven demand continued amid geopolitical uncertainty, while silver also hovered near record highs, rising more than 8% in spot trading to $112.24 an ounce.
Gold rose 1.7% to $5,095.75 an ounce in instant trading, after hitting a record high of $5,110.50 yesterday.
futures contract
US gold futures for next February delivery fell 0.15% to $5,130.90 per ounce.
Silver rose to $112.24 an ounce in spot trading after hitting an all-time high of $117.69 yesterday. Silver is already up about 60% since the beginning of this year.
Platinum fell 2.5% in spot trading to $2,658.19 an ounce after hitting a record high of $2,918.80 in the previous session. Meanwhile, palladium fell 1.3% to $1,956.31.
mineral department
“President Trump’s turbulent policy approach this year, his interest in precious metals as a defense investment, and his threats to impose high tariffs on Canada and South Korea are enough to ensure gold remains a safe option,” said Tim Waterer, chief market analyst at the specialist firm.
Waterer added: “While the intervention by Japanese and US officials to stabilize the yen price resulted in a decline in the dollar, a gift to gold prices, the potential US government shutdown and President Trump’s erratic policies put the dollar under further pressure. This led to a decline in dollar-denominated gold prices for consumers holding other currencies.”
Gold rose today after topping the $5,100 level for the first time in the previous session as safe-haven demand continued amid geopolitical uncertainty, while silver also hovered near record highs, surging more than 8% in spot trading to $112.24 an ounce.
Gold rose 1.7% to $5,095.75 an ounce in spot trading, after hitting a record high of $5,110.50 yesterday.
futures contract
US gold futures for February delivery fell 0.15% to $5,130.90 per ounce.
Silver rose to $112.24 an ounce in spot trading after hitting a record high of $117.69 yesterday. Silver is already up about 60% since the beginning of this year.
Platinum fell 2.5% in spot trading to $2,658.19 an ounce after hitting a record high of $2,918.80 in the previous session. Meanwhile, palladium fell 1.3% to $1,956.31.
interest in metals
“President Trump’s disruptive policy approach this year favors precious metals as a defense investment, and his threats to impose high tariffs on Canada and South Korea are enough to keep gold as a safe option,” said Tim Waterer, senior market analyst at the specialist firm.
Waterer added: “Interventions by Japanese and US officials to stabilize the yen resulted in a decline in the dollar, which was a gift to gold prices, while the dollar faced additional pressure from a potential US government shutdown and President Trump’s erratic policies. This resulted in lower dollar-denominated gold prices for consumers holding other currencies.”
