Spot gold traded near $4,760/oz in early Asian trading on Wednesday after surging to a fresh record high of $4,766.15/oz on Tuesday, with prices potentially targeting the $4,800/oz level. Safe-haven demand intensified as markets reacted to renewed tariff threats from US President Donald Trump toward multiple European countries over the Greenland issue.
Meanwhile, WTI crude oil hovered around $59.61/barrel, supported by a temporary shutdown at a major oil field in Kazakhstan and improving global growth expectations, while investors continued to monitor rising geopolitical tensions linked to Greenland.
Gold
Gold prices surged past the $4,700/oz milestone, setting a new all-time high at $4,766.15/oz, driven by escalating geopolitical tensions. Spot silver also broke above $95/oz for the first time, underscoring the sharp rise in demand for political risk hedges.
Spot gold gained around 2% on Tuesday, hitting an intraday high of $4,766.1/oz. US February gold futures jumped 3.7% to settle at $4,765.80/oz.
Market analysts noted that Trump’s renewed threats to impose tariffs on European countries over the Greenland dispute unsettled investors, pushing major Wall Street indices to their lowest levels in nearly three weeks. This risk-off shift significantly boosted demand for safe-haven assets such as gold.
At the same time, the US dollar weakened sharply, making dollar-denominated gold more attractive to overseas buyers and providing additional upside support.
As a traditional refuge during periods of economic and political uncertainty, gold surged 64% in 2025 and is already up more than 10% year-to-date. Expectations that the Federal Reserve could begin cutting interest rates twice by mid-2026 have also reduced the opportunity cost of holding non-yielding assets, further supporting gold prices.
Technical Outlook:
Gold opened near $4,672.3/oz, briefly pulled back to $4,659.2/oz, and then surged sharply on renewed safe-haven flows, reaching an intraday high of $4,766.8/oz. Prices later consolidated and closed around $4,763.6/oz, forming a strong bullish daily candle with a long lower shadow. This price action suggests bullish momentum remains intact, with further upside potential in the near term.
Key Levels to Watch:
- Resistance: $4,790 – $4,800
- Support: $4,750 – $4,720
Oil
International oil prices finished mixed on Tuesday, although WTI briefly touched $60.50/barrel, supported by a temporary production halt at a major oil field in Kazakhstan and improving global growth expectations. Markets also remained alert to geopolitical risks surrounding Greenland.
Brent crude rose 1.53% to $64.92/barrel, while WTI March futures gained 1.72% to settle at $60.36/barrel. Production at Kazakhstan’s Tengiz and Korolev oil fields, operated by Chevron-led Tengizchevroil, was suspended due to power distribution issues. Sources indicated the outage could last 7 to 10 days, potentially affecting Caspian Pipeline Consortium exports.
Meanwhile, a major Asian economy reported 5.0% GDP growth in 2025, with oil output rising 1.5%, reinforcing optimism around global fuel demand. The weaker US dollar also lent support to dollar-denominated oil prices.
Technical Outlook:
WTI opened near $59.47/barrel, dipped to $58.80/barrel, then rallied sharply to $60.62/barrel before pulling back into the close around $59.61/barrel. The daily chart formed a shooting star pattern with a long upper shadow, suggesting upside rejection and a return to range-bound trading.
Key Levels to Watch:
- Resistance: $60.5 – $61.5
- Support: $59.0 – $58.0
Strategy Focus:
Sell on rebounds, buy cautiously on pullbacks.
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