Gold hits record highs amid geopolitical tensions, economic uncertainty

ISTANBUL

Gold prices climbed to record highs on Friday, buoyed by persistent geopolitical and economic uncertainty that continued to drive demand for safe-haven assets.

Spot gold rose about 0.4% to $4,954 an ounce as of 0700GMT, after touching an all-time high of $4,967.48 earlier in the session. Prices gained about 7.8% over the week.

Gold has surged roughly 80% over the past 12 months and about 15% since the start of the year, supported by heightened trade and geopolitical tensions as well as interest rate cuts by major central banks.

Silver also advanced, rising 3% to $99.38 an ounce. Silver prices have jumped more than 225% over the past year.

Market participants pointed to renewed geopolitical concerns as a key driver, 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.

Adding to market unease, Trump told reporters aboard Air Force One late Thursday that the US had a naval fleet approaching Iran and warned Tehran against the violent handling of the nation-wide protests or resuming its nuclear program.

“I’d rather not see anything happen,” Trump said. “We have an armada. We have a massive fleet heading in that direction, and maybe we won’t have to use it. We’ll see.”

ISTANBUL

Gold prices climbed to record highs on Friday, buoyed by persistent geopolitical and economic uncertainty that continued to drive demand for safe-haven assets.

Spot gold rose about 0.4% to $4,954 an ounce as of 0700GMT, after touching an all-time high of $4,967.48 earlier in the session. Prices gained about 7.8% over the week.

Silver also advanced, rising 3% to $99.38 an ounce. Silver prices have jumped more than 225% over the past year.

“I’d rather not see anything happen,” Trump said. “We have an armada. We have a massive fleet heading in that direction, and maybe we won’t have to use it. We’ll see.”