Gold pushes toward a record $5,000 an ounce

Global stocks were subdued, and precious metals hit fresh highs on Friday after a turbulent week that saw US President Donald Trump back down from threats to seize Greenland and impose new tariffs on European allies.

Gold — a safe haven asset — pushed toward a record $5,000 an ounce despite “a calmer end to a chaotic week on the markets”, said Dan Coatsworth, head of markets at AJ Bell.

“Gold nudged ahead … as investors were reluctant to let go of their safety blanket, just in case Donald Trump woke up with another controversial idea,” he added.

Silver jumped almost three percent to reach record highs, to within 25 cents of $100, as a weakening dollar saw precious metals firm.

Sentiment has calmed over the past two days after the US president backed off his threat to impose levies on several European nations over their opposition to Washington taking over the Danish autonomous territory.

Asian markets closed higher, tracking a string of advances on Wall Street.