Gold climbed toward $5,000 an ounce on Friday as investors piled into safe-haven assets amid geopolitical turmoil and expectations for U.S. interest rate cuts.
Silver also hit a milestone, trading above $100 an ounce for the first time.
Gold approaches $5,000
Spot gold was up 0.8% at $4,976.49 an ounce after touching a record $4,988.17 earlier.
U.S. gold futures for February delivery gained 1.3% to $4,978.60.
Tai Wong, an independent metals trader, said:
“Gold’s role as a haven and a diversifier in highly uncertain economic and political times is making it a necessity for strategic portfolios. It’s more than a perfect storm, which doesn’t last, it’s a sign of fundamentally changing times.”
Silver breaks $100
Spot silver jumped 4.5% to $100.49 an ounce.
Philip Newman, a director at Metals Focus, said:
“Silver should continue to benefit from many of the same forces supporting gold investment demand.”
He added that additional support would come from tariff concerns and low physical liquidity in the London market.
The metal has surged more than 200% in the past year, with the report citing refining bottlenecks and a persistent supply shortage.
Rates, tariffs, and central banks
CNBC said demand for safe-haven assets has been supported by U.S.-NATO friction over Greenland, concerns about the Federal Reserve’s independence, and uncertainty over tariffs.
It also cited central bank buying and a broader move away from the dollar.
The Fed is expected to hold rates steady at its Jan. 27–28 meeting, while markets still expect two cuts in the second half of 2026.
