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Gold prices surged to unprecedented levels during Asian trading on Friday, edging closer to the closely watched $5,000 per ounce milestone as escalating geopolitical uncertainty and a weakening U.S. dollar fueled strong demand for safe-haven assets. The rally was not limited to gold, as silver and platinum also touched record highs, underscoring a broad-based surge across precious metal markets at the start of 2026.
Spot gold climbed as much as 0.7% to hit a fresh all-time high of $4,967.48 per ounce, while February gold futures advanced more than 1% to $4,969.69 per ounce. Silver saw an even sharper move, jumping nearly 3% to a record $99.03 per ounce, while platinum gained close to 1%, reaching a new peak of $2,692.31 per ounce. Although prices briefly eased after U.S. President Donald Trump announced a trade deal related to Greenland, investor confidence remained shaky due to the lack of clarity surrounding the agreement and ongoing questions over U.S. intentions regarding the Danish territory.
Precious metals have posted a stellar performance so far this year, driven by heightened global tensions and increased risk aversion among investors. A U.S. military incursion in Venezuela earlier this year, combined with renewed rhetoric over Greenland, has pushed traders toward physical assets perceived as stable stores of value. As a result, spot gold is up nearly 15% in 2026, while silver has surged almost 39% and platinum has gained around 21%.
Adding further support to metal prices is a softer U.S. dollar, as mixed economic data has reinforced expectations that the Federal Reserve could cut interest rates later this year. While the Fed is widely expected to keep rates unchanged at its upcoming meeting, growing political pressure on the central bank and concerns over worsening fiscal conditions in developed economies, particularly Japan, have rattled bond markets. Heavy sell-offs in U.S. and Japanese government bonds have prompted investors to pivot toward gold and other precious metals, strengthening their appeal as reliable safe-haven investments.
