Gold surged to a fresh record on Tuesday, briefly hitting $3,300 before easing to around $5,260.

The move pushed gold’s market cap past $35 trillion, with the metal up more than 22% year to date as investors shifted away from the U.S. dollar and government bonds.

Gold rally and risk backdrop

Analysts are connecting the move to growing unease around Washington’s policy direction and weakening demand for developed-market bonds.

U.S. equity index futures were higher ahead of the Federal Reserve’s rate decision and major tech earnings, with S&P 500 futures up 0.41% and Nasdaq 100 futures up 0.93%.

Shanghai silver premium and ETF turnover

Silver in Shanghai cracked $140, described as a premium over global benchmarks amid strong industrial demand, tight supply, and yuan volatility.

Silver was reported up nearly 60% in January and more than doubled in 2025.

The iShares Silver Trust ETF saw about $40 billion in turnover on Monday, compared with roughly $23 billion for Nvidia and $22 billion for Tesla.

FX moves: euro above $1.20, yen slips

The euro rose past $1.20 for the first time since June 2021, reaching as high as $1.2081 after President Donald Trump said he was not worried about the dollar’s slide.

Trump told reporters Tuesday:

“I thought the dollar was doing great”