Gold closes at record high, posts weekly gains of over 8%

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

Gold prices rose on Friday, supported by strong demand for safe-haven assets amid escalating geopolitical tensions, along with expectations of US interest rate cuts later this year.

February gold futures climbed 1.35%, or $66.3, to $4,979.70 per ounce, marking the sixth record close in 2026 and posting weekly gains of 8.4%—the strongest since the onset of the COVID-19 crisis in 2020.

Meanwhile, March silver futures surged 5.2% to $101.33 per ounce, closing above the $100 level for the first time ever and recording weekly gains of 14.45%.

The gains came against the backdrop of tensions between the US and NATO over Greenland, concerns about the Federal Reserve’s independence, and uncertainty surrounding the US tariff agenda, all of which boosted demand for safe-haven assets since the start of the year.