Gold tops $4,900 for the first time ever…$5,000 within sight

Safe-haven demand rises on geopolitical risks

Continued central bank gold buying also a factor

“$5,000 now within sight,” analysts say

Silver and platinum also extend record runs

International gold prices surged above $4,900 per troy ounce for the first time ever, putting a break above $5,000 within sight as geopolitical frictions over Greenland and elsewhere persist. Silver and platinum prices also notched fresh records in succession.

According to Bloomberg, spot gold was at $4,951.73 per troy ounce as of 10:45 a.m. Korea time on the 23rd. Gold futures for February delivery also hit an all-time high of $4,956.1 per troy ounce at the same time.

The rise is seen as driven by increased safe-haven demand amid tensions between the United States and Europe over Greenland. While U.S. President Donald Trump withdrew a plan to impose an additional 10% tariff on eight European countries opposed to the annexation of Greenland, he has maintained his longstanding claim that the United States should take ownership of Greenland, leaving the risk of renewed tensions intact, according to market assessments.

Forecasts are also emerging that gold could break above $5,000 per troy ounce, supported by a weaker dollar, a low-rate environment, and moves by major central banks to step up gold purchases. Gold prices jumped 65% last year alone.

Peter Grant, vice president at U.S. precious-metals distributor Zaner Metals, told Reuters that “$5,000 per troy ounce is now within sight.”

Silver and platinum prices also posted steep gains. Spot silver rose 2.7% from the previous close ($96.241) to $98.8829 per troy ounce at the same time, putting a first-ever move above $100 within sight.

Spot platinum also climbed 1.2% from the prior close ($2,637.55) to $2,668.37 per troy ounce, extending its record-setting run.

By Lim Da-yeon allopen@hankyung.com