Gold Hits New Record High, Surpassing $4,700 an Ounce
Gold prices surged to new record highs, surpassing $4,700 an ounce, after US President Donald Trump's threats to annex Greenland sparked market anxiety, dampening risk appetite and driving demand for safe-haven assets.
Spot gold rose 1.6% to $4,741.96 an ounce, after hitting an all-time high of $4,750.49 earlier in the session.
US gold futures for February delivery jumped 3.3% to $4,747.60 an ounce.
Spot silver fell 0.4% to $94.27 an ounce, after reaching a record high of $95.87 earlier in the session. Silver has risen about 147% in 2025 and is up 32% so far this year.
As for other precious metals, platinum rose 2% in spot trading to $2,422.05 an ounce, while palladium climbed 1.4% to $1,866.47.
Trump intensified his efforts to wrest sovereignty over Greenland from NATO member Denmark, prompting the European Union to consider retaliatory measures.
The dollar fell to its lowest level in a week on Tuesday after threats from the White House to the EU regarding Greenland's future triggered a broad sell-off in US stocks and government bonds.
Investors are flocking to safe-haven assets such as gold, the Japanese yen, and the Swiss franc to hedge against the risks of a trade war, amid fears of a return of associated volatility in 2025, after these disturbances only subsided with the agreement on tariffs reached in the middle of the year.
Meanwhile, the International Monetary Fund again raised its global growth forecast for 2026 in a report released Monday, as businesses and economies adjust to US tariffs.
