Gold Surges to Nearly $5,000/oz as Dollar Weakens Amid Trump's Geopolitical Tensions

Gold reached its highest weekly performance since 2008, climbing nearly 8% to $4,985 an ounce, driven by investor flight to safe havens amid U.S. President Donald Trump's geopolitical threats. The dollar suffered its worst week against major peers since June, falling 1.3% against the pound, as markets reacted to Trump's tariff threats and Greenland demands. Analysts link the surge to "de-dollarisation," with global central banks diversifying reserves into gold, particularly in emerging markets like Poland, which raised its gold reserve target to 30%. Silver also surpassed $100 an ounce, while industrial metals like copper climbed near $13,000/ton. Concerns over Federal Reserve independence further fueled the "debasement trade," where investors shift to hard assets to hedge against potential currency devaluation. Gold's rally marks its best annual performance since 1979, already up 15% in 2026.