The Gold price has on Tuesday once again reached a record high and approaching the $4,500 mark. On Tuesday night, the price for one troy ounce (around 31.1 grams) climbed by up to 1.2 percent 4.497,74 Dollar (3,829.49 euros). Escalating geopolitical tensions and the prospect of further interest rate cuts in the USA were seen as drivers.
This made the precious metal more expensive than ever before. Gold couldn’t quite maintain that level, but at $4,477 it was still above Monday’s level. At the start of the week, the gold price had climbed to a new record for the first time since the October rally.
Since the end of 2024, the price of gold has increased by just over 70 percent. This makes gold one of the best asset classes and is also heading for its highest annual gain since 1979, when the price rose by 127 percent.
Silver currently trumps gold
Gold is currently trumped by silver, although not in absolute terms: the price of a troy ounce of silver has increased by 140 percent this year. On Tuesday night, the price of silver also rose to a record high. At 69.9929 dollars (59.59 euros), this is now only slightly below the 70 dollar mark.
Both precious metals are particularly in demand this year as some investors see them as so-called “safe havens” in times of high uncertainty. Silver is also an important raw material for electromobility, the solar industry and the tech industry in general, which is driving the expansion of AI.
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