Shafaq News
Gold jumped past $4,700 per ouncefor the first time on Tuesday, while silver traded near a record high, as U.S.President Donald Trump's threats to slap extra tariffs on European alliessoured global sentiment and sparked a rush into safe-haven assets.
Spot gold gained 0.7% to $4,699.93per ounce by 0514 GMT, having hit an all-time high of $4,701.23 earlier. U.S.gold futures for February delivery climbed 2.4% to $4,706.50 per ounce.
Spot silver fell 0.4% to $94.27 anounce, after hitting a record high of $94.72 earlier in the session.
Trump has intensified his push towrest sovereignty over Greenland from fellow NATO member Denmark, promptingthe European Union to weigh hitting back with its own measures.
"Trump's 'disruptive' policyapproach to international affairs and desire to see lower interest rates suitprecious metals very well, as reflected by gold and silver's rampantrun," said Tim Waterer, KCM Trade's chief market analyst.
"Trump's second term thus farhas been a boon for precious metals, with his unconventional approach topolitics playing into the hands of gold and silver."
Gold prices have rallied more than70% since Trump began his second term a year ago.
On Tuesday, gold also found supportas concerns lingered around the Federal Reserve's independence with the U.S.Supreme Court this week expected to hear a case around Trump's attempt tofire Fed Governor Lisa Cook.
The Fed is broadly expected tomaintain interest rates at its January 27-28 meeting despite Trump's calls forcuts. Gold, which does not yield interest, typically performs well duringperiods of low interest rates.
Kelvin Wong, a senior market analystat OANDA, expects the Fed to continue its rate-cut cycle into 2026, citing asluggish labour market and lacklustre consumer sentiment, with the nextreduction now being priced further down the calendar in either June or July.
Among other precious metals, spotplatinum slid 0.8% to $2,355.60 an ounce, while palladium dropped 0.7% to$1,828.58.
Reuters
Only the headline is edited byShafaq News.
