Gold prices surged more than $350/oz (+7.9%) this week, nearing the $5,000/oz mark. Silver also hit a record high, surpassing $100/oz and gaining around +40% since the start of 2026. The rally in precious metals was driven by a weaker US Dollar and instability in US stock indexes.

Investors continued buying gold and silver despite midweek de-escalation headlines, indicating a persistent “uncertainty premium” in metals. Gold prices had a historic week, gaining over $350/oz (+7.9%) in spot markets and reaching record levels. Silver also saw significant gains, topping $100/oz for the first time ever.

Following US President’s rhetoric on annexing Greenland, gold prices surged to over $4,800/oz early in the week. The market has typically reacted strongly to Trump administration’s threats, but this week’s rally in precious metals persisted even after a potential deal with NATO to cool tensions.

Traders are positioning for long-term uncertainty and instability, evident in continued buying of gold and silver despite potential diplomatic resolutions. The market is prepared for ongoing geopolitical and economic risks, with gold prices potentially breaking through the $5,000/oz barrier. The upcoming FOMC decision will test the market’s focus on these risks over monetary policy mechanics.

As the week closes, traders can enjoy the weekend before gearing up for potential market shifts following the FOMC decision next week. The rally in precious metals reflects a broader sentiment of uncertainty and instability, with gold prices poised to continue their upward trajectory.

Read more at Yahoo Finance: Gold Rips Higher as Risk-Off Sentiment Batters the Dollar