Gold, Silver, Platinum Hit Record Highs

Gold, silver, and platinum hit new record highs today amid a decline in confidence in U.S. assets due to geopolitical tensions and economic uncertainty. Gold spot rose 0.3% to $4951.91 per ounce by 03:58 GMT after hitting a record high of $4966.59 earlier in the day. U.S. gold futures for February delivery gained 0.8% to $4952.80 per ounce. "Confidence in the U.S. and its assets has probably been shaken, perhaps forever, and this is pushing money into precious metals," said Kyle Roda, chief market analyst at Capital.com. The dollar index hovered near its lowest level in over two weeks, down 1% for the week, making dollar-denominated metals cheaper for overseas buyers. Meanwhile, key Wall Street indexes saw sharp selling earlier in the week after new threats from U.S. President Donald Trump to impose tariffs on European Union countries spooked investors before markets later recovered. EU leaders breathed a sigh of relief after Trump backed down on his decision regarding Greenland, but they issued a warning after an emergency summit in Brussels late Thursday that they are ready to act if Trump threatens them again. The U.S. president said he had secured full and permanent U.S. access to Greenland in a deal with NATO. The details of the deal remain unclear, and Denmark insists its sovereignty over the island is not up for discussion. Silver spot rose 2.6% to $98.71 per ounce after hitting a record high of $99.20 earlier. Platinum spot rose 0.4% to $2639.40 per ounce after hitting a record high of $2684.43 earlier, while palladium fell 0.9% to $1903.10.