The price of gold reached a record high on Monday, surging above $5,000 an ounce, as investors sought a safe haven amid heightened geopolitical tensions and rising global risks.
Spot gold prices jumped as high as $5,102 an ounce, after climbing 8 percent last week. Other precious metals were also rising. The price of silver topped $100 an ounce on Monday and hit $109.83, a record.
U.S. stock markets were up slightly at the start of trading on Monday ahead of a stream of company financial results expected this week, and ahead of a meeting of the Federal Reserve, which is expected to keep interest rates steady.
Investors are seeking shelter from global uncertainty, including strains between the United States and the European Union over President Trump’s determination to take over Greenland, leading to fears of a renewed trade war. Tensions in Ukraine, Venezuela and the Middle East continue to simmer.
Analysts say gold is now on track for its best year since 1979, when prices soared during a period of runaway inflation, a weakening dollar and instability in the Middle East.
“There is comfort in holding an asset perceived as secure in a world where the global order may be shifting,” Chris Weston, the head of research at Pepperstone, a financial services company, wrote in a note.
The prospect of another U.S. government shutdown has amplified Wall Street’s anxiety. Several key Democrats in Congress said they would withhold their support from a bipartisan spending bill after federal agents fatally shot a Minneapolis resident on Saturday. The standoff over the bill, which includes funding for the Department of Homeland Security, raises the likelihood of the shutdown at the end of the week.
Gold prices began climbing in early 2024, when the precious metal broke out of a narrow trading range and surged past $2,350 an ounce by spring. At first, the move reflected concerns about persistent inflation and growing global tensions, but it soon took on broader meaning as investors grew broadly uneasy about the economy.
The rally progressed in 2025. Central banks continued to add to their reserves, while more investors started to view gold as protection against political and financial blows. Those concerns intensified in October, when gold prices sharply jumped toward $4,000 an ounce.
Prices have continued to climb since then. Gold has benefited, in part, because other assets investors usually turn to for stability are looking less dependable. The U.S. dollar has weakened as the Federal Reserve lowers interest rates. The turmoil abroad has weighed on other major currencies such as the yen and the euro.
Rising debt and deficits have also cast doubts about U.S. creditworthiness, making Treasuries a less dependable safe haven.
Gregory Schmidt is a Times business editor overseeing coverage of the European economy. He is based in London.
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