The price of gold has surpassed $5,000 an ounce for the first time ever, continuing a historic rally that saw the precious metal jump by more than 60% in 2025. This surge is attributed to growing global financial and geopolitical uncertainty, including tensions between the US and NATO, US President Donald Trump’s trade policies, and conflicts in Ukraine and Gaza.

• Gold's price has risen above $5,000 (£3,659) per ounce, extending a more than 60% rally in 2025, with silver also topping $100 an ounce.
• US President Donald Trump’s threat to impose a 100% tariff on Canada over a potential trade deal with China is among the factors driving investors to safe-haven assets.
• Demand for precious metals is also fueled by higher inflation, a weak US dollar, central bank buying, and expected interest rate cuts by the US Federal Reserve.