Gold tops $4,500 for first time ever

February 2026 gold futures rose 1% to $4,512.2 an ounce

Gold prices surged to a new record on Tuesday as investors flocked to the safe-haven metal amid rising tensions between the United States and Venezuela.

February 2026 gold futures rose 1%, or $42, to $4,512.2 an ounce, after touching an all-time high of $4,530.8.

Silver futures for March 2026 gained 1.3% to $69.41 an ounce, surpassing the $70 mark for the first time ever.

Spot gold rose 0.7% to $4,475.39 an ounce, hitting a record intraday level of $4,497.55, while spot silver added 0.5% to $69.36 an ounce.

The US dollar index, which measures the currency against a basket of six major currencies, fell 0.2% to 98.07 points at 09:01 a.m. Riyadh time.

Spot platinum climbed 1.9% to $2,165.67, its highest level in more than 17 years, while palladium rose 1.85% to $1,792.16, marking a three-year high.

Gold prices have surged more than 70% since the start of the year, driven by a combination of geopolitical risks, expectations of interest rate cuts, central bank purchases, and a weaker dollar.