Gold climbed to a fresh record high on Tuesday, scaling the unprecedented $4,700 an ounce milestone as escalating geopolitical tensions boosted safe-haven demand, while silver also broke above $95 for the first time.Spot gold gained 1.6% to $4,741.96 per ounce by 11:34 a.m. ET (16:34 GMT), after reaching a record high of $4,750.49 earlier in the day. US gold futures for February delivery climbed 3.3% to $4,747.60/oz.“Gold has surged deeper into uncharted territory as investors hedge against rising political risk,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.“A softer dollar is providing an additional tailwind for precious metals, reinforcing gold’s rally at a time when confidence in US assets appears to be wobbling.”Gold, seen as a safe store of value during economic and political instability, soared 64% in 2025 and has added another 10% since the start of the year. The rally has also been supported by expectations of US interest rate cuts.Spot silver slipped 0.4% to $94.27/ oz, after hitting a record $95.87 earlier. The white metal added about 147% in 2025 and has gained more than 32% since the start of 2026. Elsewhere, spot platinum added 2% to $2,422.05/oz, while palladium was up 1.4% at $1,866.47.
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