Dow Gains as Gold Surges Past $5,000 for the First Time

Gold prices smashed through another historic threshold as escalating tariff threats against Canada and the risk of a fresh U.S. government shutdown supercharged the metal’s rally.

Gold futures jumped 2% to break above $5,000 per troy ounce for the first time, settling at $5,079.70. Silver futures surged 14%—their biggest single-day gain in four decades—hitting a new record above $115 per ounce.

Despite mounting macro uncertainty, equities pushed higher. All three major U.S. indexes advanced, led by the Dow Jones Industrial Average, which rose 0.6%. The S&P 500 gained 0.5%, while the Nasdaq Composite added 0.4%.

Over the weekend, President Trump said he would impose 100% tariffs on Canada if Prime Minister Mark Carney were to finalize a trade agreement with China.

The U.S. dollar weakened against a basket of major currencies, pressured by a sharp rise in the yen after Washington and Tokyo signaled a willingness to intervene to support Japan’s currency.

Meanwhile, U.S. natural-gas prices extended last week’s rally as a winter storm disrupted large parts of the country, grounding flights and knocking out power for thousands. February futures have nearly doubled over the past week.