Spot gold prices globally rose by 46 USD to 4,983 USD per ounce at the close of the 23/1 trading session. During the session, prices briefly touched a record high of 4,988 USD.

"Gold's role as a safe-haven and diversification tool during periods of economic and political volatility makes this precious metal essential for investment portfolios. This is not just a temporary development, but a sign that the situation is fundamentally changing," stated Tai Wong, an independent precious metals investor in the US, on CNBC.

Global gold price nears the 5,000 USD per ounce mark. *Chart: Kitco*.

Since the start of the year, escalating tensions between the US and Europe over Greenland, concerns about the independence of the Federal Reserve (Fed), and import tax instability have fueled a surge in safe-haven gold demand. Buying by central banks and a desire to reduce reliance on the US dollar have also bolstered gold's upward trend.

Next week, the Fed is anticipated to maintain interest rates at its policy meeting. However, the market still expects the agency to implement two rate cuts in the latter half of this year. Gold prices typically benefit from a low-interest rate environment.

Meanwhile, global spot silver prices also surpassed the 100 USD mark for the first time during the 23/1 session. The price closed at 103 USD per ounce.

"Silver prices will continue to benefit from the same factors supporting gold demand. Concerns over import taxes and low supply in the London market will further drive prices higher," remarked Philip Newman, Director of Metals Focus. Last year, this metal increased by over 200%.

Beyond gold and silver, platinum also set a new record during the 23/1 session, reaching 2,749 USD per ounce. Palladium increased by 4,3% to 2,002 USD.

HSBC believes platinum is currently appealing to investors, serving as a more affordable alternative to gold. Platinum supply is projected to face a shortage of 1,2 million ounces this year.

Ha Thu (according to Reuters, CNBC)