Gold prices surge on Wednesday

Gold prices surged to a fresh record on Wednesday as investors rushed to safe havens amid a broad selloff in US assets triggered by rising tensions between the US and NATO over Greenland.

Spot gold jumped 2.1 per cent to $4,862.19 an ounce by mid-morning, after touching a record high of $4,887.82 earlier in the session, while US gold futures rose 2.2 per cent to $4,869.40. The metal has now posted 11 record highs so far in 2026.

The rally reflected growing loss of confidence in the US following President Donald Trump’s renewed threats to impose tariffs on Europe and press ahead with plans to control Greenland, moves that unsettled global markets and weakened the dollar. The dollar index hovered near a one-month low, making dollar-priced bullion more attractive to overseas buyers.

Gold also drew support from persistent geopolitical uncertainty, rising debt levels, and expectations that investors are reluctant to take profits ahead of the $5,000 level.

Elsewhere in precious metals, spot silver rose 0.4 per cent to $94.96 an ounce after hitting a record high a day earlier, while platinum slipped 0.5 per cent to $2,451.15 and palladium fell 0.5 per cent to $1,856.98.

Attribution: Reuters