Gold, silver futures hit record highs on safe-haven demand

Gold and silver futures surged to new historic highs on Tuesday, driven by heightened safe-haven demand as geopolitical tensions intensified.

On the New York Mercantile Exchange (NYMEX), the most-active February gold futures contract soared past 4,760 U.S. dollars per ounce during the session, while March silver futures climbed above 95 U.S. dollars per ounce, with both metals sustaining strong gains by market close, setting fresh all-time peaks.

Analysts attributed the rally to escalating geopolitical crises, which spurred investors to seek refuge in precious metals.

The sustained upward momentum reflects broad market concerns over global instability and its potential economic impact, analysts said.

Gold, silver futures hit record highs on safe-haven demand

Gold, silver futures hit record highs on safe-haven demand

Russian forces attacked Ukraine's energy infrastructure overnight on Saturday, for the second time in less than a week, Ukraine's Energy Minister Denys Shmyhal said.

The strikes targeted the Burshtyn and Dobrotvir thermal power plants in western Ukraine, as well as substations and overhead transmission lines, the minister said.

He further said personnel unloaded units at nuclear power plants as a precautionary measure.

Ukraine's state-run energy company Ukrenergo has requested emergency assistance from Poland in the wake of the attack, Shmyhal added, while the company said it has imposed emergency power outages across most of the country.

The previous attack on Ukraine's energy facilities was carried out on Tuesday.

Russia attacks Ukraine's energy infrastructure 2nd time in a week: Ukrainian authorities