Geopolitical risks and a renewed threat to the independence of the Federal Reserve have driven investors to seek safe haven in precious metals, with gold closing in on $5,000 an ounce.
With the US dollar falling on new threats to impose tariffs on Europe, and the fallout from demands for Greenland, faith in US assets is at a low point.
The US Federal Reserve is expected to hold rates until the end of the month, but at least two further cuts are expected by the end of the year, especially as President Trump’s bid to oust chairman Jerome Powell continues to threaten the Fed’s independence.
Gold, silver and platinum spot prices all hit record highs, with gold reaching $4,967.03, silver surging to $99.34 and platinum peaking at $2,684.43.
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