The spot price of gold — the real-time market value for immediate delivery — surged past $4,500 (€3,820) per troy ounce in early European trading, marking a new all-time high for the precious metal.
Gold tends to perform well in low-interest-rate environments and typically thrives during periods of economic and geopolitical uncertainty.
Central bank purchases and inflows into exchange-traded funds (ETFs) have surged, driven in part by US president Donald Trump’s efforts to reshape global trade and his repeated threats to the independence of the Federal Reserve.
The latest gains come amid an intensifying oil blockade of Venezuela, Ukrainian military action targeting the Russian energy sector, and growing speculation that the US could cut interest rates sooner than expected.
Silver climbed to just over $73 per ounce, more than doubling its value in six months and up 138 per cent year to date.
Platinum and palladium — primarily used in automotive catalytic converters to reduce emissions — are up around 145 per cent and more than 85 per cent, respectively, so far this year. Gains have been driven by tight mine supply, tariff uncertainty and a rotation of investment demand away from gold.
