ALBAWABA - Gold prices reached a record high of $4,426.66 per ounce on Tuesday, amid heightened geopolitical and financial tensions, including the US's attempts to seize Venezuelan oil tankers.
The BBC reported that the price of the metal increased after news that the US central bank will cut interest rates in 2026. Additionally, silver prices also jumped after hitting an all-time high of $69.44 yesterday.
Gold prices hit record high due to US-Venezuela tensions
Prices of other metals also rose yesterday, including platinum, which increased 1.1% to $2,143.70 per ounce, the highest level in 17.5 years, and palladium, which advanced 1.42% to $1,784.30 per ounce, the highest level in about three years.
According to the BBC, the gold price surged to 68% this year, marking the highest increase since 1979, as reported by Adrian Ash, director of research at gold bullion marketplace BullionVault.
Ash added that "slow-burning trends around interest rates, around war and trade tensions" had a hand in the rise of gold prices.
