Blue Gold Ltd (NASDAQ:BGL) shares are trading higher on Friday. Gold and other precious metals surge to new record highs, fueled by geopolitical tensions and broader economic uncertainty.

Gold pushed to yet another all‑time high, rising 0.4% to $4,957.10 an ounce after reaching $4,966.59 earlier in the session, Reuters reported.

“Faith in the U.S. and ‌its assets have been shaken, maybe permanently, and this is driving ​money into precious metals," said Kyle Rodda, senior market analyst at Capital.com, adding that talk of a "rupture" in sentiment may not be overstated.

A weaker dollar also seems to be helping fuel the rally. The dollar index is hovering near a two‑week low after sliding 1% this week, making metals priced in dollars more attractive to global buyers. Earlier in the week, U.S. markets sold off sharply after President Donald Trump threatened new tariffs on the EU, though stocks later rebounded.

EU leaders welcomed Trump's reversal on proposed Greenland tariffs during an emergency summit in Brussels, but signaled they remain prepared to respond if tensions flare again. Trump has claimed the U.S. secured permanent access to Greenland through a NATO agreement.

Looking ahead, investors expect the Federal Reserve to cut rates twice in the second half of 2026, which typically boosts demand for gold, which becomes more appealing when yields fall.

BGL Price Action: Blue Gold shares were up 3.99% at $4.424 at the time of publication on Friday. The stock is trading near its 52-week low of $1.82, according to Benzinga Pro.

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