Gold prices surge past $4,700 on Tuesday

Gold surged past $4,700 an ounce for the first time on Tuesday as escalating tariff threats by US President Donald Trump against European allies rattled markets and drove investors towards safe-haven assets, while silver hovered near a record high.

Spot gold rose 0.7 per cent to $4,699.93 an ounce by 0514 GMT after touching an all-time high of $4,701.23, with US February futures jumping 2.4 per cent to $4,706.50, as concerns over trade tensions, the Federal Reserve’s independence, and expectations of prolonged low interest rates supported demand.

Silver eased 0.4 per cent to $94.27 an ounce after hitting a record $94.72 earlier, while platinum slid 0.8 per cent to $2,355.60 and palladium fell 0.7 per cent to $1,828.58.

Gold has rallied more than 70 per cent since Trump began his second term a year ago, benefiting from geopolitical uncertainty, expectations that the Fed will hold rates at its late January meeting, and market pricing for further rate cuts later in 2026.

Attribution: Reuters