Gold and silver are near record highs

Gold rose today after exceeding the $5,100 level for the first time in the previous session, with continued demand for safe havens amid geopolitical uncertainty, while silver also hovered near its highest levels ever.

Gold rose in instant transactions by one percent to $5,065.07 per ounce by 0329 GMT, after hitting a record level of $5,110.50 yesterday.

US gold futures for February delivery fell 0.4 percent to $5,059.90 an ounce.

“Trump’s disruptive policy approach this year is in the interest of precious metals as a defensive investment,” said Tim Waterer, chief market analyst at KCM Trade. “And his threats to impose higher tariffs on Canada and South Korea are enough for gold to remain a safe haven option.”

This came after Trump threatened to impose tariffs on Ottawa following Canadian Prime Minister Mark Carney’s visit to China earlier this month.

Waterer said, “The intervention of American and Japanese officials to stabilize the price of the yen led to a decline in the dollar, which was a gift to the price of gold,” while the dollar was exposed to more pressure due to the potential American government shutdown and Trump’s volatile policies, which led to a decline in the price of dollar-denominated gold for consumers who hold other currencies. The Federal Reserve (the US central bank) is expected to fix interest rates at its meeting, which will begin later today, amid a criminal investigation conducted by the Trump administration with its Chairman, Jerome Powell.

Silver rose in spot transactions by 5.2 percent to $109.22 per ounce, after hitting a record high of $117.69 yesterday, Monday. Silver has already risen 53 percent since the beginning of the year. Platinum fell in spot transactions 2.5 percent to $2,658.19 per ounce after hitting a record level of $2,918.80 in the previous session, while palladium fell 1.3 percent to $1,956.31.