Gold Prices Climb Closer to $5,000 an Ounce

Most actively traded futures traded as high as $4,989.90 a troy ounce, an intraday record, before pulling back to about $4,983.

January futures settled at $4,976.20.

The precious metal added $387.80, or 8.5%, this week, the biggest weekly gain ever in dollars. In percentage terms, the weekly gain sparked by tensions surrounding Greenland was the greatest since the Covid market panic of March 2020.

Silver futures have rallied even more, heading toward $100 a troy ounce.

Below is a rundown of what’s boosting gold: