Gold Surges Past $4,700 an Ounce as Silver Reaches Historic Peak

Gold extended its historic rally on Tuesday, pushing beyond the landmark $4,700-per-ounce level as rising geopolitical uncertainty fueled strong demand for safe-haven assets. Silver also climbed to uncharted territory, briefly trading above $95 an ounce for the first time.

In the spot market, gold rose nearly 2% to $4,757.33 per ounce by 01:52 p.m. ET, after touching an intraday peak of $4,765.93. Meanwhile, U.S. gold futures for February delivery jumped 3.7%, settling at $4,765.80 an ounce.

“Gold is continuing to chart new ground as investors seek protection from mounting political risks,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. He added that weakness in the U.S. dollar has further strengthened precious metals, especially as confidence in U.S. financial assets shows signs of strain.

Equity markets on Wall Street fell to their lowest levels in nearly three weeks, weighed down by fresh tariff threats from President Donald Trump targeting Europe over the Greenland issue. The comments intensified market unease ahead of Trump’s scheduled discussions with global business leaders in Davos, Switzerland.

The U.S. dollar also headed toward its steepest single-day decline in more than a month, making dollar-denominated gold more attractive to international buyers.

Traditionally viewed as a hedge during periods of economic and political turmoil, gold surged 64% in 2025 and has already gained an additional 10% so far this year. Expectations of future U.S. interest rate cuts have further supported the rally, as lower rates. 

Market participants are currently anticipating two 25-basis-point rate cuts beginning in mid-2026. Attention has also sharpened following comments from U.S. Treasury Secretary Scott Bessent, who suggested that President Trump could announce a new Federal Reserve chair as early as next week.

According to Razaqzada, the next key technical levels for gold lie around $4,800 and $4,900, with $5,000 emerging as a major long-term psychological target.

Silver eased slightly, slipping 0.3% to $94.38 an ounce after reaching a record high of $95.87 earlier in the session. The metal surged roughly 147% in 2025 and has advanced more than 32% since the beginning of 2026.

Among other precious metals, platinum climbed 2.3% to $2,429.60 per ounce, while palladium rose 1.1% to $1,861.61.