ISTANBUL

Gold prices continued to see record highs on Wednesday amid persistent geopolitical and economic uncertainty.

Spot gold rose about 2% to $4,860 an ounce as of 0950GMT, after touching an all-time high of $4,888 earlier in the session.

Gold has surged around 77.1% over the past 12 months, driven by trade and geopolitical tensions as well as interest rate cuts by central banks.

Silver also increased by 0.66% to $95.11 an ounce. Prices have jumped more than 208.4% over the past year.

Market participants cited renewed geopolitical concerns, including debates over Greenland following US President Donald Trump’s weekend remarks threatening additional tariffs on countries opposing US control of the territory and the deployment of military personnel there, as factors weighing on sentiment and supporting precious metals.

On Wednesday, investors are focusing on Trump's Davos speech.