Gold tops $5,000 as silver jumps 6%

February gold futures rose 1.9%, or $93.7, to $5,073.4 an ounce

Gold futures surged past the $5,000 mark for the first time ever, as investors flocked to safe-haven assets amid rising geopolitical uncertainty that intensified the so-called “sell America” trade.

During Monday’s session, February gold futures rose 1.9%, or $93.7, to $5,073.4 an ounce, after touching an intraday high of $5,091.5, the highest level ever for the most actively traded contract.

March silver futures jumped 5.85% to $107.28 an ounce, after hitting a record high of $109.32.

Spot gold gained about 1.8% to $5,076.31 an ounce after reaching a record $5,092.71, while spot silver rose around 4.3% to $107.65 an ounce, having earlier touched an all-time high of $109.44.

The US dollar index, which measures the greenback against a basket of six major currencies, fell 0.5% to 97.10 by 9:00 a.m. Mecca time.

Spot platinum climbed 2.5% to $2,847.35 an ounce after touching a record $2,891.6, while spot palladium rose 2% to $2,058.02 after hitting $2,075.3, its highest level in more than three years.

The move followed comments by US President Donald Trump over the weekend, threatening to impose 100% tariffs on Canada if it proceeds with a trade agreement with China, according to Reuters.