Gold breaks new record
The price of gold has soared to a new record as investors continue to seek safety amid escalating geopolitical tensions and mounting economic uncertainties.
Gold futures continued their strong rally, with the February 2026 Comex contract surging to a record high of $5,600 per troy ounce on Thursday morning before retreating to around $5,550, according to exchange data.
Silver futures also extended their rally, with the March 2026 Comex contract climbing above about $119 per troy ounce before easing back slightly.
The prices of both gold and silver have surged over the past year, as precious metals are commonly viewed as safe-haven assets in times of market turbulence. Gold rose by more than 60% in 2025, partly due to concerns over global tensions and economic volatility. Silver followed an even sharper trajectory, climbing 127% in 2025 amid strong investor demand and safe-haven buying.
Analysts attribute the recent rally to escalating tensions, including US President Donald Trump’s warning to Iran on Wednesday to come to the negotiating table on nuclear weapons, amid Tehran’s threat to retaliate against the US, Israel, and their allies.
Gold also drew support from Tether’s plans to allocate 10-15% of its investment portfolio to physical gold, a move confirmed by CEO Paolo Ardoino on Wednesday.
Meanwhile, the US Federal Reserve kept interest rates unchanged on Wednesday as expected. Fed Chair Jerome Powell noted that December inflation likely remained well above the central bank’s 2% target.
Marex analyst Edward Meir told Reuters that rising US debt and the uncertainty sparked by indications that the global trade system is fragmenting into regional blocs, rather than remaining US-centric, are driving investors toward gold.
The latest rally has generated windfall gains for Russia that are reportedly comparable to the value of its sovereign assets frozen in the West – around $300 billion. Unlike the frozen assets, Russia’s gold reserves can be sold or pledged as collateral, restoring significant financial capacity.
