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Gold extended its historic rally on Monday, surging beyond the $5,100 mark as investors and central banks rushed into safe-haven assets amid mounting geopolitical risks and heightened market volatility linked to U.S. President Donald Trump’s policies.
Spot gold climbed 2.2% to $5,091.61 an ounce by midday in Europe, after touching a fresh record of $5,110.50. U.S. gold futures rose in tandem to $5,089.90.
The precious metal has already gained around 18% this year, following a staggering 64% rise in 2025—its strongest annual performance since 1979. The rally has been fueled by safe-haven demand, expectations of U.S. monetary easing, aggressive central bank buying, and record inflows into gold-backed ETFs.
Over the weekend, Trump threatened to impose a 100% tariff on Canada should it proceed with a trade deal with China, adding to global trade tensions. At the same time, the Japanese yen jumped to a two-month high on speculation of coordinated U.S.-Japan intervention, while the dollar index slid to a four-month low—making gold more attractive for non-U.S. buyers.
Analysts see further upside ahead. Some forecast a move toward $6,000 this year, driven by persistent geopolitical stress and robust central bank and retail demand. Reuters technical analyst Wang Tao said gold has cleared key resistance at $5,070 and could rise into the $5,154–$5,206 range, with a longer-term target near $5,427.
The broader precious metals complex also surged. Spot silver hit a record $110.11 before easing to $108.92, up nearly 6% on the day. Platinum jumped 4.4% to $2,888.51 after touching an all-time high, while palladium gained over 5% to $2,115.75, reaching its strongest level in more than three years.
With confidence in currencies and financial assets increasingly fragile, the flight into physical stores of value shows little sign of slowing.
