Gold price today hit the record $4,800 per ounce level. Spot gold climbed 2.1 per cent to $4,861.38 per ounce on Wednesday, after scaling a record $4,887.82 earlier in the session. Gold rate is increasing on safe-haven flows driven by escalating friction between the United States and NATO over Greenland.
U.S. gold futures for February delivery climbed 2 per cent to $4,863.10 per ounce.
"There continues to be a myriad of factors boosting bullion, not least simply its safe haven quality. The Greenland crisis is front and centre with President Trump expected to deliver his Davos speech later today," said Jamie Dutta, market analyst at Nemo.money.
"We are looking for gold to punch through $5,000/oz as investors continue to seek inflation-proof, safe-have assets," said SP Angel analyst John Meyer, adding that upward momentum could fade as ETF buying tails off.
Spot silver rose 0.5% to $95.04 an ounce, after hitting a record high of $95.87 on Tuesday, powered by a cocktail of factors including sustained physical tightness and safe-haven demand.
U.S. President Donald Trump said on Tuesday that he remained firm in his ambition to gain control of Greenland, refusing to rule out taking the Arctic island by force.
The U.S. President barrels into Davos, Switzerland, on Wednesday, and is likely to use the World Economic Forum to escalate his push for acquiring Greenland despite European protests.
Danish Prime Minister Mette Frederiksen said she would not yield to Trump's demands and abandon Greenland.
The dollar index hovered at a two-week low after White House threats over Greenland triggered a broad selloff in U.S. assets, from the currency to Wall Street stocks and Treasury bonds.
A weaker dollar makes greenback-priced metals cheaper for overseas buyers.
Meanwhile, investors are also looking out for the Supreme Court's verdict on the legality of Trump's bid to remove Federal Reserve Governor Lisa Cook, adding to concerns over Fed independence.
Amongst other precious metals, spot platinum gained 0.1% to $2,465.55 per ounce after hitting a record $2,511.80 earlier in the day. Palladium fell 0.1% to $1,864.09.
"Sustained uncertainty and the debasement trade are bidding up all precious metals including silver," Dutta said, adding that speculative flows are driving up platinum prices.
Gold Rate Prediction
U.S. gold futures for February delivery climbed 2 per cent to $4,863.10 per ounce.
"There continues to be a myriad of factors boosting bullion, not least simply its safe haven quality. The Greenland crisis is front and centre with President Trump expected to deliver his Davos speech later today," said Jamie Dutta, market analyst at Nemo.money.
"We are looking for gold to punch through $5,000/oz as investors continue to seek inflation-proof, safe-have assets," said SP Angel analyst John Meyer, adding that upward momentum could fade as ETF buying tails off.
Silver Price Today
Spot silver rose 0.5% to $95.04 an ounce, after hitting a record high of $95.87 on Tuesday, powered by a cocktail of factors including sustained physical tightness and safe-haven demand.
U.S. President Donald Trump said on Tuesday that he remained firm in his ambition to gain control of Greenland, refusing to rule out taking the Arctic island by force.
The U.S. President barrels into Davos, Switzerland, on Wednesday, and is likely to use the World Economic Forum to escalate his push for acquiring Greenland despite European protests.
Danish Prime Minister Mette Frederiksen said she would not yield to Trump's demands and abandon Greenland.
The dollar index hovered at a two-week low after White House threats over Greenland triggered a broad selloff in U.S. assets, from the currency to Wall Street stocks and Treasury bonds.
A weaker dollar makes greenback-priced metals cheaper for overseas buyers.
Meanwhile, investors are also looking out for the Supreme Court's verdict on the legality of Trump's bid to remove Federal Reserve Governor Lisa Cook, adding to concerns over Fed independence.
Amongst other precious metals, spot platinum gained 0.1% to $2,465.55 per ounce after hitting a record $2,511.80 earlier in the day. Palladium fell 0.1% to $1,864.09.
"Sustained uncertainty and the debasement trade are bidding up all precious metals including silver," Dutta said, adding that speculative flows are driving up platinum prices.
