Spot gold rose nearly 2% to $4,757.33 per ounce, after reaching a record high of $4,765.93 earlier in the day

Gold jumped to another record high on Tuesday, scaling the unprecedented $4,700 an ounce milestone as escalating geopolitical tensions boosted safe-haven demand, while silver also broke above $95 for the first time.

Spot gold rose nearly 2% to $4,757.33 per ounce by 18:52 GMT, after reaching a record high of $4,765.93 earlier in the day.

Gold has surged deeper into uncharted territory as investors hedge against rising political risk, said Fawad Razaqzada, market analyst at City Index and FOREX.com.

A softer dollar is providing an additional tailwind for precious metals, reinforcing gold’s rally at a time when confidence in US assets appears to be wobbling, he said.

U.S. stock indexes slipped to a near three-week low on Tuesday, as investors were spooked by renewed tariff threats from President Donald Trump against Europe over control of Greenland.

The remarks have heightened tensions ahead of Trump’s expected meeting with global business leaders in Davos, Switzerland, on Wednesday.

The U.S. dollar was set for its biggest daily decline in more than a month, making dollar-priced gold more affordable for overseas buyers.

Gold, seen as a safe store of value during economic and political instability, surged 64% in 2025 and has added another 10% since the start of the year. The metal’s rally has also been supported by expectations of U.S. interest rate cuts, which reduce the opportunity cost of holding non-yielding bullion.

Markets are pricing in two rate cuts of 25-basis-points from mid-2026, while focus intensified after U.S. Treasury Secretary Scott Bessent said Trump could name a new U.S. central bank chair as early as next week.

$4,800 and $4,900 are the next obvious reference points (for gold), with the key $5,000 handle standing out as the longer-term psychological target, Razaqzada added.