Gold tops $4,900/oz; silver and platinum extend record‑setting rally

Gold prices surged to a historic peak Thursday, blasting past $4,900 an ounce for the first time, fueled by geopolitical uncertainty, a softening U.S. dollar, and expectations of Federal Reserve rate cuts later this year.

Spot gold climbed to a record $4,917.65 per ounce, while U.S. gold futures for February delivery settled 1.6% higher at $4,913.40. The rally extended to other precious metals, with silver hitting a new high of $96.58 and platinum soaring 4.6% to $2,601.03.

“Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are all factors... still impacting the demand,” said Peter Grant, vice president at Zaner Metals.

The move comes amid ongoing diplomatic friction over Greenland, where U.S. President Donald Trump claimed to have secured permanent U.S. access through a NATO framework, though details remain vague and Denmark reaffirmed its sovereignty.

A 0.4% decline in the U.S. dollar further bolstered bullion’s appeal to international buyers. Markets are currently pricing in two quarter-point Fed rate cuts in the second half of 2026, enhancing the attractiveness of non-yielding assets like gold.

Analysts see further upside, with Grant noting the $5,000 level as the next target and a Fibonacci projection pointing toward $5,187.79. “Short-term setbacks will be viewed as buying opportunities,” he added.