Gold and silver hit report highs as Greenland dispute spurs safe-haven shopping for
Gold and silver hit report highs on Monday, pushed by a flight to security after President Trump warned of additional tariffs on some European international locations in a dispute over Greenland.
Spot gold jumped 1.7% to $4,672.49 an ounce by early afternoon, after scaling a report peak of $4,689.39.
US gold futures for February supply superior 1.8% to $4,677.70 an ounce.
Spot gold costs hit a report peak of $4,689.39 per ounce on Monday, while silver reached a report $94.61 per ounce.
Trump threatened several European allies with a collection of escalating tariffs on Saturday until the US is allowed to purchase Greenland, intensifying a dispute over Denmark’s huge Arctic island.
“When institutional and policy risks resurface, markets tend to react swiftly by reallocating toward safe-haven assets, with gold once again emerging as the preferred choice,” said Linh Tran, senior market analyst at XS.com.
The greenback fell as Trump’s latest tariff threats raised buyers’ urge for food for safe-haven gold, the Japanese yen and Swiss franc in a broad risk-averse transfer across markets.
Gold tends to do nicely during occasions of geopolitical and financial uncertainty, in addition to when rates of interest are low. It gained more than 64% in 2025 and is up more than 8% since the start of this yr.
Trump has a number of European allies with a collection of escalating tariffs until the US is allowed to purchase Greenland. ZUMAPRESS.com
Meanwhile, Federal Reserve Vice Chair for Supervision Michelle Bowman said on Friday that a fragile job market with the potential to weaken rapidly means the central bank ought to stand able to cut rates of interest again if needed.
Markets count on the Fed to go away charges on maintain at its Jan. 27-28 assembly however are pricing in no less than two cuts of 25 foundation factors this yr.
The dispute over Greenland has been intensifying. Getty Images
Elsewhere, spot silver climbed 5% to $94.41 an ounce after hitting a report high of $94.61. Silver has risen more than 32% since the start of the yr.
Analysts at Citi Research said they continue to be tactically bullish on valuable metals, setting price targets of $5,000 an ounce for gold and $100 an ounce for silver in the next three months, citing geopolitical tensions that are more likely to keep elevated in the close to time period.
In other metals, spot platinum added 1.5% to $2,362.65 an ounce while palladium rose 1.1% to $1,819.99.
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