Gold tops $5,000 as concerns over Trump upending global relations drive historic rally

Gold prices surged beyond $5,000 per ounce for the first time, as investors rushed to the safe-haven asset as concern spread that US President Donald Trump is upending relations with key allies from Europe to Canada.

In this year’s first 26 days, the price of gold has jumped 15%, building on a record-breaking year in 2025, when prices skyrocketed 65% – the largest annual gain since 1979.

Gold is often seen as a refuge in times of uncertainty and a barometer of market anxiety.

The historic 2026 rally has been driven by a series of market-destabilizing global and domestic moves by Trump, from the now-revoked tariff threats against NATO allies in a bid to absorb Greenland, the military operation to capture Venezuelan President Nicolás Maduro, and the criminal investigation into Federal Reserve Chair Jerome Powell.

Demand has also been driven by a weaker US dollar, higher-than-expected inflation, and predictions the Fed will further cut interest rates this year.

Gold was up 1.4% Sunday to $5,058 a troy ounce, as of 8:14 pm ET.

Silver, another safe-haven asset, rose 4.5% to $107.8 an ounce. This followed a 141% surge in 2025 for its best performance since 1979.