Global stocks were subdued on Friday as investors sought refuge in precious metals following a turbulent week marked by US President Donald Trump’s threats to seize Greenland and impose fresh tariffs on European allies.
Gold, a traditional safe-haven asset, edged closer to a record $5,000 an ounce despite what analysts described as a calmer end to a chaotic week. “Gold nudged ahead… as investors were reluctant to let go of their safety blanket, just in case Donald Trump woke up with another controversial idea,” said Dan Coatsworth, head of markets at AJ Bell.
Silver also surged, surpassing $101 an ounce amid concerns over the US president’s next moves. “As high-risk as gold may be, it has nothing on silver, which continues to outperform in the most extraordinary fashion,” said David Morrison, senior market analyst at Trade Nation. Strong demand for silver stems not only from its safe-haven appeal but also its industrial uses in solar panels, electronics, and AI data centers.
European markets struggled for direction, with Frankfurt closing slightly positive while London and Paris ended in the red. Wall Street showed a mixed picture, with the Dow down 0.6 percent, while the S&P 500 and Nasdaq were marginally higher. Intel shares plunged 16 percent after disappointing earnings projections. Asian markets closed higher.
Trump’s tariff threats had stoked trade war fears, putting pressure on the dollar and driving investors toward metals. Analysts warned that US-Europe relations remain uncertain despite the temporary easing of tensions over Greenland.
Investors are also eyeing next week’s Federal Reserve meeting, with expectations that interest rates will be held steady after three consecutive cuts. US prosecutors’ scrutiny of Fed Chair Jerome Powell has raised concerns over the central bank’s independence, while Trump is reportedly considering potential successors for Powell’s position when his term ends in May.
In Japan, the Bank of Japan maintained its key interest rate ahead of a snap election, influencing government spending expectations. Following the announcement, the yen strengthened slightly against the dollar.
Commodities also saw gains, with West Texas Intermediate crude up 2.8 percent at $61.02 per barrel and Brent North Sea crude up 2.7 percent at $65.80 per barrel.
Key Market Figures at Around 1650 GMT:
Currency movements saw the euro up at $1.1774, the pound at $1.3593, and the dollar/yen down at 157.52.
Friday’s market activity underscores a heightened demand for safe-haven assets amid global uncertainty, with silver reaching $100 for the first time and gold nearing its all-time peak, reflecting investor caution in a volatile economic and geopolitical environment.