Gold prices climbed further to surpass $4,700 per ounce on Tuesday, renewing a record set only a day earlier, amid persistent geopolitical and economic uncertainty.

Spot gold rose about 0.76% to $4,714 an ounce as of 7 a.m. GMT, after touching an all-time high of $4,717 earlier in the session.

Gold has surged roughly 73.1% over the past 12 months, driven by trade and geopolitical tensions as well as interest rate cuts by central banks.

Silver also edged higher, gaining 0.26% to $94.14 an ounce. Prices have jumped more than 207.7% over the past year.

Analysts cite renewed geopolitical concerns, including debates over Greenland following U.S. President Donald Trump’s weekend remarks threatening additional tariffs on countries opposing U.S. control of the territory and the deployment of military personnel there, as factors weighing on sentiment and supporting precious metals.