Gold and silver surged to fresh highs just days after breaking previous records, as investors flock to safe-haven assets amid a choppy geopolitical and economic outlook.
U.S. gold futures for February delivery rose 1.71% to $4,674.20 per ounce on Monday, after earlier hitting a record high last week. Spot gold was 1.6% higher at $4,668.14.
It comes after U.S. President Donald Trump announced tariffs on goods from eight European countries until a deal for “the Complete and Total purchase of Greenland,” as he ramps up his rhetoric on annexing the Arctic island.
“Gold’s rally has been powerful, but it has also been grounded in fundamentals that are still very much in place. With real rates likely to fall and central banks continuing to diversify their reserves, we see more reason for gold to consolidate or edge higher than to sell off sharply,” George Cheveley, natural resources portfolio manager at Ninety One, said in the asset manager’s 2026 sectoral outlook, published on Monday.
At current prices, margins are expected to be four to five times higher than in 2024, per the outlook.
Silver followed gold’s upward swing and looks comfortable at such prices. U.S. silver futures for March advanced to a record $93.035 per ounce and were last seen 5.06% higher at $93.02. Silver’s spot price was 3.55% higher at $93.16 per ounce.
Gold and silver tend to perform well in periods of heightened uncertainty as riskier assets, such as equities, fall out of favor.
The tariffs over Greenland follow the U.S. capturing the Venezuelan president on Jan. 3 and taking control of the country’s oil industry; and Trump suggesting a military strike against Iran was imminent amid that country’s clampdown on civil unrest, only to appear to back down from the threat last week.
European and Asia-Pacific markets mostly slipped on Monday as investors assessed geopolitical threats. Shares of some of Europe’s biggest carmakers and key luxury goods names fell on Monday morning as investors digest possible tariffs on European countries. Trump said these would be 10% from Feb. 1., rising to 25% from June 1 if no deal is done. The Stoxx Europe 600 Automobiles & Parts Index was 2.2% lower in early dealmaking, while the Stoxx Europe Luxury 10 index 2.9% lower.
European countries are reportedly considering retaliatory tariffs and broader economic counter-measures.
The Justice Department’s criminal investigation of Federal Reserve Chair Jerome Powell may also be rattling markets as investors weigh up the long-term impact of Trump’s war of words aimed at pressuring it to lower interest rates.
Meanwhile, conflict in Ukraine persists and progress in Gaza is expected to take years.
Other base metals also gained but were driven by megatrends rather than geopolitics. Copper in particular has an “attractive” risk-reward profile thanks to demand from energy and data center infrastructure, per Cheveley.
U.S. copper futures for March were last seen 0.54% higher at $5.8625 per ounce, paring gains from a Jan. 6. peak.