Gold broke above $5,000 per ounce for the first time in history today, pushing the precious metal’s market capitalization past $35 trillion.
The rally continued during early Asian trading on Monday as heightened risk-off sentiment gripped global asset markets amid ongoing economic and geopolitical tensions.
In recent weeks, escalating frictions, including strained relations between the US and NATO, debate around the Greenland situation, and fears of potential US military action against Iran, have dominated headlines and reinforced gold’s appeal.
Markets have also been unsettled by worries over the Fed’s independence following disclosures of a Justice Department probe into the central bank.
The administration is expected to announce its nominee to succeed Fed Chair Jerome Powell this week after appointing Stephen Miran to the board late last year.
Silver has also surged against this backdrop. On Monday, silver hit a new record high above $107. The metal’s rally intensified in late 2025 and has since outperformed other asset classes.
Silver is now up roughly 47% year-to-date, compared with gold’s 17% gain.
Investors’ appetite for safety has weighed on crypto. The total crypto market cap has declined by approximately 2% in the last 24 hours, per CoinGecko.
Bitcoin fell over 2% in the past day and 7% on the week, hovering near $87,500 at the time of writing.