Gold surged to a fresh all-time high on Tuesday, breaking above the $4,700 per ounce mark as investors piled into safe-haven assets amid escalating geopolitical tensions and renewed trade-war fears.

Spot gold rose around 2% on the day to trade near $4,757 an ounce, after briefly touching an intraday record above $4,765. U.S. gold futures for February delivery ended the session up almost 4%, reflecting heightened demand for protection against political and economic uncertainty.

The rally was driven largely by renewed tariff threats from U.S. President Donald Trump, this time directed at Europe amid rising tensions over Greenland. The comments unsettled global equity markets and pushed investors toward assets traditionally seen as stores of value during periods of instability.

A weakening U.S. dollar added further fuel to gold’s rise, making the metal more attractive to overseas buyers. The greenback was on track for its largest single-day fall in over a month, amplifying the impact of safe-haven flows.

Gold’s surge builds on an extraordinary run over the past year. The metal gained roughly 64% in 2025 and has already added about 10% since the start of 2026, underlining how dramatically sentiment has shifted in global markets. Expectations that the U.S. Federal Reserve will begin cutting interest rates later this year have also supported the rally, as lower rates reduce the opportunity cost of holding non-yielding assets such as gold.

Silver joined the breakout, briefly hitting an all-time high above $95 an ounce before easing slightly. Even with the modest pullback, silver remains one of the strongest-performing assets globally, having surged nearly 150% last year and rising more than 30% so far in 2026.

The strength across precious metals comes as global equity markets faltered. Major Wall Street indices slipped to multi-week lows, reflecting growing unease over trade tensions, political risk and uncertainty around U.S. economic leadership, particularly as speculation mounts over potential changes at the Federal Reserve.

Market participants are now eyeing the next psychological milestones for gold. Analysts point to $4,800 and $4,900 per ounce as near-term reference levels, with the $5,000 mark increasingly discussed as a longer-term target should geopolitical tensions persist and monetary conditions remain supportive.

Elsewhere in the precious metals complex, platinum and palladium also posted gains, reinforcing the broader shift toward hard assets as investors reassess risk in an increasingly volatile global environment.