The global gold price has reached a new record, surpassing five thousand dollars per ounce for the first time. According to the report, the surge is linked to financial and geopolitical uncertainty arising from tensions between the United States and Europe over Greenland. The market also saw silver prices exceed one hundred dollars per ounce on Friday, marking another historic high.

The report notes that investors often turn to gold and other precious metals as safe-haven assets during times of instability. Factors such as higher-than-usual inflation, a weaker US dollar, and increased gold purchases by central banks worldwide have further boosted demand. Ongoing conflicts in Ukraine and Gaza, along with the US action involving Venezuelan President Nicolás Maduro, have also contributed to the price rise.

The World Gold Council trade association stated that only 216,265 tons of gold have been mined to date, underscoring the metal’s scarcity as a key driver of its enduring appeal.