Gold Tops $5,000 an Ounce as Investors Seek Refuge Amid Global Strains

Spot gold prices reached a record high on Monday, climbing above $5,000 an ounce and jumping as high as $5,102, while silver rose to a record $109.83 an ounce. Investors sought shelter from geopolitical uncertainty, including strains between the United States and the European Union over President Trump’s determination to take over Greenland, as well as simmering tensions in Ukraine, Venezuela and the Middle East.

U.S. stock markets were up slightly at the start of trading ahead of a stream of company results and a Federal Reserve meeting that is expected to keep interest rates steady. Analysts say gold is now on track for its best year since 1979. Market observers point to broader shifts behind the rally.

Gold began climbing in early 2024, breaking out of a narrow trading range and passing $2,350 by spring; the rally carried through 2025 as central banks added reserves and more investors treated gold as protection against political and financial shocks. "There is comfort in holding an asset perceived as secure in a world where the global order may be shifting," Chris Weston, head of research at Pepperstone, wrote.

Other traditional safe havens have looked less dependable: the U.S. dollar has weakened as the Federal Reserve lowers rates, turmoil abroad has pressured the yen and the euro, and rising debt and deficits have raised doubts about U.S. creditworthiness and the reliability of Treasuries.