Gold's Record-Breaking Surge Amid Global Tensions

Gold prices soared past $5,000 per ounce due to geopolitical tensions. U.S. gold futures also saw an increase, driven by U.S. and NATO strife over Greenland. An analyst predicts highs of $6,400, citing monetary policy and central bank demand as factors. Silver and palladium rose, while platinum slipped slightly.

In an unprecedented climb, gold prices surpassed $5,000 per ounce on Monday, marking a new record as geopolitical tensions prompted investors to seek out safe-haven assets.

By late Monday, spot gold had risen by 0.75% to reach $5,019.85 per ounce, while U.S. gold futures for February delivery increased by 0.84% to $5,020.60 per ounce. The ongoing geopolitical friction between the United States and NATO concerning Greenland has fueled further momentum for gold's upward trend this year amid amplified financial and geopolitical uncertainty.

Independent analyst Ross Norman forecasts a peak gold price of $6,400 per ounce in 2025, with an average of $5,375. Gold prices rose by 64% in 2025, driven by U.S. monetary policy easing, a prolonged central bank gold-buying spree led by China, and record inflows into exchange-traded funds. Concurrently, spot silver rose by 2.52% to $105.54 per ounce, while spot palladium increased by 0.31% to $2,016.25 per ounce. Spot platinum fell slightly, down 0.03% to $2,766.30 per ounce.

(With inputs from agencies.)