Gold reaches new peak driven by economic, geopolitical concerns
Spot gold climbed about 2.2% to $5,090.8 per ounce as of 0700 GMT, having earlier touched an all-time high of $5,111.11. Over the past week, prices have risen roughly 9.1%, and gold has surged about 84% in the last 12 months, with a 17% gain since the start of the year. Analysts attribute the rally to rising trade and geopolitical tensions as well as interest rate cuts by major central banks.
Silver also saw strong gains, rising 4.6% to $107.6 per ounce after reaching a record high of $109.46. Over the past year, silver prices have jumped more than 252%.
Renewed geopolitical concerns, including US President Donald Trump’s demands over Greenland, contributed to market unease. Trump’s recent remarks on Iran and his threat to impose 100% tariffs on all Canadian goods if Ottawa signs a trade deal with Beijing further intensified uncertainty.
“If Canada makes a deal with China, it will immediately be hit with a 100% tariff against all Canadian goods and products coming into the U.S.A.,” Trump wrote on his social media platform Truth Social, according to reports.
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