Gold soars past $5,000 level for 1st time amid geopolitical tensions, economic uncertainty

Gold price continued its record rally on Monday, surpassing the $5,000 level for the first time, buoyed by persistent geopolitical and economic uncertainty that continued to drive demand for safe-haven assets.

Spot gold rose about 2.2% to $5,090.8 an ounce as of 0700GMT, after touching an all-time high of $5,111.11 earlier in the session. Prices gained about 9.1% over the week.

Gold has surged roughly 84% over the past 12 months and about 17% since the start of the year, supported by heightened trade and geopolitical tensions as well as interest rate cuts by major central banks.

Silver also advanced, rising 4.6% to $107.6 an ounce, after reaching a record high of $109.46. Silver prices have jumped more than 252% over the past year.

Market participants pointed to renewed geopolitical concerns as a key driver, including US President Donald Trump's demands over Greenland.

Adding to market unease, Trump's remarks about the situation in Iran also heightened uncertainty.

Also, Trump threatened Saturday to impose 100% tariffs on all Canadian goods entering America if Ottawa reaches a trade agreement with Beijing.

"If Canada makes a deal with China, it will immediately be hit with a 100% tariff against all Canadian goods and products coming into the U.S.A.," Trump wrote on his social media platform Truth Social.