Explainer: What's behind the extraordinary rise in the price of gold and silver?

Experts say factors including Trump’s aggressive policies and pressure on the dollar are pushing investors toward ‘safe haven’ of precious metals

Gold has risen by more than a quarter this month and hit a new high of just under $5,595 an ounce on Thursday. Picture: Chris Ratcliffe/Bloomberg

Last year’s extraordinary run in precious metals has only intensified in 2026, as Donald Trump has continued to rip up the rules of the global economy.

Gold has been on a tear since last summer, repeatedly breaking records. It has risen by more than a quarter this month and hit a new high of just under $5,595 (€4,696) an ounce on Thursday.