Gold and Silver surged to fresh record highs as escalating geopolitical tensions between the US and Europe boosted demand for safe-haven assets. Strong year-to-date gains in precious metals reflect investor unease over trade risks, rising US debt, and renewed concerns about central bank independence, ING's commodity experts Ewa Manthey and Warren Patterson note.

Safe-haven demand lifts precious metals

"Gold and Silver surged to fresh record highs as escalating geopolitical tensions boosted demand for safe-haven assets. The latest catalyst is renewed friction between the US and Europe, with Trump’s intensifying push to take control of Greenland stoking concerns over a potential transatlantic trade conflict."

"Both Gold and Silver have extended their strong year-to-date gains. Gold is up around 8%, while Silver has climbed 30%, building on an already robust performance in 2025. The move has been driven by a series of geopolitical shocks, including the US arrest of Venezuela’s leader and the continued uncertainty surrounding Washington’s stance on Greenland."

"Adding to the volatility, the Trump administration’s repeated attacks on the Federal Reserve intensified investor concerns about central bank independence. This has reinforced the debasement trade. Investors are favoring Gold and Silver over currencies and government bonds amid rising US debt levels and heightened policy unpredictability."