Gold prices steadied as investors booked profits after prices struck another record high near $5,000 an ounce on the uncertain geopolitical outlook.

Silver and platinum also hit record peaks.

Spot gold was steady at $4,979.40 an ounce at 20:08 GMT, having touched a record $4,967.03 earlier in the day.

U.S. gold ‍futures for February delivery added 0.5% to $4,935.60 an ounce.

Prices have risen by ‍14% since the beginning of the year, partly on concerns around U.S. President Donald Trump's threat to impose tariffs on European allies over Greenland.

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Mitch Feierstein, CEO of the Glacier Environmental Fund Limited, expects gold prices will soar past $5,000 Monday and are likely reach $5,800 by year-end.

Speaking of gold’s rise on Friday, Chris Weston, head ​of research at Pepperstone, said, "The ⁠emergence of a deal framework and removal of Trump's tariff threats should, in theory, have seen those gold hedges unwound — instead, gold pushed to new highs.”

"Perhaps the market has seen enough, and that gold increasingly looks like a hedge against Trump as the U.S. president and the absolute unpredictability that comes with it."

Trump said on Thursday ‍that he had secured total and permanent U.S. access to Greenland in a deal with NATO.

Buying by central banks and a broader shift away from the dollar have helped to push gold higher and higher as investors seek shelter from global policy risks and volatility.

Feierstein, however, believes that Central bank purchases, along with the massive amount of U.S. and global debt, have been driving gold higher over the past few years.

With silver breaking $100, Feierstein also sees it heading higher. “My advice remains unchanged,” Feierstein said. “Wait for a pullback to initiate positions or add to existing positions. Platinum remains undervalued and is a strong buy relative to other precious metals.”

Meanwhile, the U.S. Federal Reserve is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.

Low interest rates and economic uncertainty traditionally favor non-yielding assets such as gold. Gold premiums in India jumped ‍this week to their highest in more than a decade, buoyed by investor buying on expectations of a duty increase in ‌the coming budget, while Chinese premiums dipped.

Spot silver surged by 6% to $102.32 an ounce in afternoon trading, posting gains so far this year of 45%.

"Traditionally, silver hasn't been a ⁠haven asset class ​in the past, but maybe ‍its role is migrating," said WisdomTree commodities strategist Nitesh Shah, adding that prices could ease if the surge leads industrial demand to shrink.

Spot platinum gained 6.9% ‍to $2,756 an ounce after hitting a record $2,76670. The metal is up 35% since the start of the year.

Palladium, meanwhile, jumped by 6% to $2,047.50.