Demand for safe-haven assets boosted market jitters over US foreign policy moves and worldwide risks.
Gold price continued its record rally on Monday, surpassing the $5,000 level for the first time, buoyed by persistent geopolitical and economic uncertainty that continued to drive demand for safe-haven assets.
Spot gold rose about 2.2 percent to $5,090.8 an ounce as of 0700GMT, after touching an all-time high of $5,111.11 earlier in the session. Prices gained about 9.1 percent over the week.Gold has surged roughly 84 percent over the past 12 months and about 17 percent 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 4.6 percent to $107.6 an ounce, after reaching a record high of $109.46. Silver prices have jumped more than 252 percent over the past year.Market participants pointed to renewed geopolitical concerns as a key driver, including US President Donald Trump's demands over Greenland.Adding to market unease, Trump's remarks about the situation in Iran also heightened uncertainty.Also, Trump threatened Saturday to impose 100 percent tariffs on all Canadian goods entering America if Ottawa reaches a trade agreement with Beijing.'If Canada makes a deal with China, it will immediately be hit with a 100 percent tariff against all Canadian goods and products coming into the USA,' Trump wrote on his social media platform Truth Social.
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