Gold touches $4,970; silver jumps 3%

Gold futures for February delivery climbed 1.15%, or $55.50, to $4,968.90 per ounce.

Prices of gold futures and silver hit fresh records on Friday, as investor appetite intensified amid rising momentum behind the “Sell America” trade, driven by heightened market uncertainty.

During Friday’s trading, gold futures for February delivery climbed 1.15%, or $55.50, to $4,968.90 per ounce, after touching $4,970, marking the highest level ever for the most active futures contract.

Meanwhile, silver futures for March delivery surged 3.10% to $99.38 per ounce, after hitting $99.395, also an all-time high.

Spot gold prices rose by about 0.5% to $4,961.86 per ounce, after touching a record $4,966.59, while spot silver gained around 2.95% to $99.10 per ounce, having earlier reached an all-time high of $99.34.

The US dollar index was broadly unchanged at 98.33 points as of 08:56 am KSA time.

Meanwhile, spot platinum prices rose 1% to $2,663.86 per ounce, after touching a record $2,684.43, while palladium edged up 0.3% to $1,918.5 per ounce.

The rally comes after US President Donald Trump said the US had secured full and permanent access to Greenland under an agreement with NATO, while Denmark reiterated that its sovereignty over the island is non-negotiable, according to Reuters.