Doha: Gold prices surged to a new record high Tuesday, surpassing $4,700 an ounce, as escalating geopolitical tensions boosted demand for safe-haven assets. Silver also broke through $95 for the first time.

According to Qatar News Agency, spot gold rose 1.6 percent to $4,741.96 an ounce, after hitting an all-time high of $4,750.49 earlier. US gold futures for February delivery jumped 3.3 percent to $4,747.60 an ounce.

Spot silver fell 0.4 percent to $94.27 an ounce, after reaching a record high of $95.87 earlier.

As for other precious metals, platinum rose 2 percent in spot trading to $2,422.05 an ounce, while palladium climbed 1.4 percent to $1,866.47.