As tensions in the world rise, gold soars to a record high.
Investors sought refuge from geopolitical uncertainty, and the price of gold soared above $5,000 per ounce. As investors looked for a safe haven amid rising global risks and heightened geopolitical tensions, the price of gold reached a record high on Monday, surpassing $5,000 per ounce. After rising by 8% the previous week, spot gold prices surged to as much as $5,102 per ounce. Additionally, other precious metals were rising. The price of silver topped $100 an ounce on Monday and hit $109.83, a record.
 On Monday, futures trading on the U.S. stock markets was muted ahead of a stream of company financial results that are anticipated later this week and a Federal Reserve meeting that is anticipated to maintain interest rates. Investors are seeking shelter from global uncertainty, including strains between the United States and the European Union over President Trump’s determination to take over Greenland, leading to fears of a renewed trade war. Tensions in Ukraine, Venezuela and the Middle East continue to simmer.
In a note, Pepperstone’s head of research Chris Weston wrote, “There is comfort in holding an asset perceived as secure in a world where the global order may be shifting.” Wall Street’s anxiety has been exacerbated by the possibility of a second government shutdown in the United States. After a Minneapolis resident was shot and killed by federal agents on Saturday, several important Democrats in Congress said they would not support a bipartisan spending bill. The standoff over the bill, which includes funding for the Department of Homeland Security, raises the likelihood of the shutdown at the end of the week.
