Gold tops $4,700, silver jumps 6%

February gold futures rose 2.65% to $4,716.5 an ounce

Gold and silver prices surged to record highs as investors flocked to safe-haven assets amid rising geopolitical tensions, following US President Donald Trump’s threat to impose additional tariffs on European countries over the Greenland dispute.

On Tuesday, February gold futures rose 2.65%, or $121.1, to $4,716.5 an ounce, after touching $4,723.4, the highest level ever for the most actively traded contracts.

March silver futures gained 6% to $93.85 an ounce, after reaching a record $94.745.

Spot gold rose 1% to a new record of $4,716.14 an ounce, while spot silver edged down about 0.25% to $94.13, after previously hitting an all-time high of $94.72.

The dollar index, which tracks the US currency against a basket of six major currencies, fell 0.45% to 98.96 at 09:28 a.m. Riyadh time.

Spot platinum remained steady at $2,377.04, while palladium fell 0.28% to $1,837.42.

Market gains were supported by ongoing concerns over the independence of the US Federal Reserve, with the Supreme Court expected to hear a case this week related to Trump’s attempt to remove Federal Reserve member Lisa Cook.