In a historic turn for the financial markets today, spot gold prices have surged past the $5,100 per ounce mark for the first time in history. The precious metal touched an all-time high of $5,110.50 in the early hours of Tuesday, driven by a weakening US dollar and intensifying geopolitical tensions in the Middle East and Eastern Europe. Investors are flocking to gold as a "safe haven" asset as uncertainties over global trade tariffs and potential government shutdowns in the US continue to mount.

The surge was accompanied by a dramatic 14% intraday spike in spot silver, its largest single-day gain in years. However, the market remains highly volatile; after hitting the record high, prices experienced a sharp retracement, with gold briefly dipping back toward the $5,000 mark in afternoon trading. Financial analysts suggest that the market is reacting to speculation of a joint US-Japan intervention in the foreign exchange market to stabilize the Yen.

This record-breaking run reflects a broader shift in global investment strategies as traditional currencies face increasing pressure. Central banks across Asia have also been reportedly increasing their gold reserves, further fueling the demand. While some traders are taking profits at these record levels, the general consensus remains that gold will stay above the $5,000 psychological barrier as long as global political instability persists.