Escalating Tensions Drive Precious Metals Higher

In a significant market movement, the prices of gold and silver witnessed an upward trend on Wednesday. This surge is attributed to the escalating geopolitical tensions following US President Donald Trump's controversial remarks about the potential US plan to 'take over' the Gaza Strip. Such statements have not only sparked global reactions but also increased uncertainties in the Middle East, pushing investors towards safer assets.

Global Reactions and Market Impact

Trump's comments, suggesting the possibility of permanently relocating Palestinians from Gaza, have drawn criticism and concern worldwide. The situation was further complicated after his meeting with Israeli Prime Minister Benjamin Netanyahu, leading to statements from the Saudi Foreign Ministry emphasizing the necessity of an independent Palestinian state for any normalization of relations with Israel. Amid these developments, silver prices rose by 1.07% to $32.45 per ounce, while gold reached a new record high, increasing by 0.81% to $2,757.18 per ounce by early morning ET.