Gold prices have climbed to record highs, crossing $5,000 per ounce for the first time on Monday and briefly reaching $5,500. Silver prices have also risen sharply, trading near $98 per ounce compared to $35 last year. The rise is mainly due to three key reasons. First, uncertainties from US President Donald Trump's trade tariffs have unsettled global markets. Emma Wall, chief investment strategist at Hargreaves Lansdown, said, "Trump's trade policies continue to worry investors, helping to drive the gold rally." Second, ongoing wars in Ukraine, Gaza, and political tension like the US seizure of Venezuelan President Nicolás Maduro added to the market instability. Trump's threats over Greenland also shook confidence in the US dollar, pushing investors toward gold. Wall explained, "Gold is doing what it does best when the world feels messy, jumping amid rising trade tensions, geopolitical flare-ups, political uncertainty." Third, central banks around the world have increased their gold buying. Wall noted, "Investors and global central banks have favoured gold as their reserve currency of choice, which they believe insulates them from US policy dependence." Besides central banks, countries like China and Western investors buying gold stocks have helped fuel demand. Some new players, such as digital currency firm Tether, have bought large quantities of gold. However, gold prices fell slightly recently, slipping below $5,000 on Friday. This happened after news that Trump might nominate Kevin Warsh, a less risky Federal Reserve chairman candidate, which lowered fears of aggressive interest rate cuts and inflation. Economist Hamad Hussain said that despite the fall, gold remains 65% higher than last year thanks to ongoing global conflicts and tariffs. Nicholas Frappell from ABC Refinery highlighted gold's value saying, "When you own gold, it's not attached to the debt of somebody else like a bond... It's a really good diversifier in a very uncertain world." Still, Friday's price drop shows gold’s volatility, reminding investors that it can fall quickly as well as rise, like any traded commodity.