The price of gold reached $4,765 per ounce on Tuesday afternoon, setting a record high for the precious metal.
According to The Economic Times, gold has risen 78% over the past year, mostly due to trade wars between the U.S. and Europe.
The latest boom can be credited to President Donald Trump expressing his intention to purchase Greenland — which is not for sale — and threatening tariffs to eight European countries if they don’t let him.
Silver has also tripled over the last year, reaching $95.50. This has been credited to Japanese government debt and a weakening U.S. dollar.
