Gold Prices Surge to Record USD4,720
Futures for February 2026 on Comex climbed 2.71% to $4,720 per troy ounce, marking a new all-time high, according to exchange data. The rally underscores the strength of safe-haven demand, with both gold and silver soaring over the past year. Gold alone advanced more than 60% in 2025, driven by fears of global instability and economic volatility.
Analysts point to escalating tensions between Washington and Europe as a key catalyst. US President Donald Trump has threatened to impose a 10% tariff beginning in February on imports from eight European NATO members, including Denmark, in retaliation for their opposition to his proposed acquisition of Greenland. The tariff would rise to 25% on June 1 if no agreement is reached.
The European Union has vowed to respond, signaling potential countermeasures. Brussels is weighing the revival of a suspended €93 billion ($108 billion) retaliatory tariff package and considering deployment of the Anti-Coercion Instrument, which could restrict market access, investment, and intellectual property rights.
The IMF warned earlier this week that a deepening tariff dispute risks igniting a trade war, threatening global growth.
Meanwhile, expectations of Federal Reserve rate cuts in 2026, a weakening US dollar, and aggressive gold purchases by central banks have further fueled demand.
“Gold has hit... record highs on its glittering run upwards,” and “is holding even more allure as a safe haven as worries spread about the repercussions of the US aggressive trade and geopolitical policies,” said Susannah Streeter, chief investment strategist at Wealth Club, in comments to the media.
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