Gold prices surged to $4,607 per troy ounce on Thursday, gaining 2.03% in a single session as investors poured into safe-haven assets amid escalating US-Canada trade tensions and persistent geopolitical uncertainty. The yellow metal has now climbed 36.59% over the past year, though it remains well below its all-time high of $5,608 reached in January.
The latest jump came as trade negotiations between Washington and Ottawa collapsed, triggering new 50% tariffs on $20 billion worth of Canadian goods. The breakdown added another layer of risk to a market already dealing with elevated oil prices, rising bond yields, and central bank tightening on both sides of the Atlantic.
Year of the Metal
Gold has been one of the standout performers of 2026, benefiting from a confluence of factors that have kept demand elevated throughout the year. The Iran conflict drove prices above $5,000 earlier in the year before a partial pullback. A subsequent rebound has been supported by renewed inflation fears and deteriorating trade relations.
| Metal | Price (USD) | Daily Change | 12-Month Change |
|---|---|---|---|
| Gold | $4,607.35 | +2.03% | +36.59% |
| Silver | $68.95 | +1.28% | +77.24% |
Silver has performed even more strongly, rising 77.24% year-over-year to $68.95 per ounce. The gold-silver ratio has tightened as industrial demand for silver in electronics and renewable energy has added a growth component to the precious metals rally.
TradingEconomics data shows gold has gained 11.54% over the past month alone, reflecting the accelerating pace of safe-haven buying as multiple risk factors converge.
The rally stands in sharp contrast to equity markets, where the S&P 500 slipped 0.17% and the Dow dropped 0.20% on the same session. Bond markets have also shown stress, with Treasury yields rising sharply despite Treasury Secretary Scott Bessent’s efforts to stabilize the market through buyback programs.
Sources: TradingEconomics; Reuters; Investing.com; BizToc
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