Gold and silver hit record highs as Greenland – Business News
Gold and silver hit record 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 record 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 record peak of $4,689.39 per ounce on Monday, whereas silver reached a record $94.61 per ounce.
Trump threatened a number of European allies with a sequence of escalating tariffs on Saturday until the US is allowed to buy 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,” mentioned Linh Tran, senior market analyst at XS.com.
The greenback fell as Trump’s newest tariff threats raised buyers’ urge for food for safe-haven gold, the Japanese yen and Swiss franc in a broad risk-averse transfer throughout markets.
Gold tends to do nicely during instances of geopolitical and financial uncertainty, as nicely as when rates of interest are low. It gained more than 64% in 2025 and is up more than 8% for the reason that begin of this yr.
Trump has a number of European allies with a sequence of escalating tariffs until the US is allowed to buy Greenland. ZUMAPRESS.com
Meanwhile, Federal Reserve Vice Chair for Supervision Michelle Bowman mentioned 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 depart charges on maintain at its Jan. 27-28 assembly however are pricing in at the very least 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 record high of $94.61. Silver has risen more than 32% for the reason that begin of the yr.
Analysts at Citi Research mentioned 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 within the subsequent three months, citing geopolitical tensions which might be more likely to keep elevated within the close to time period.
In different metals, spot platinum added 1.5% to $2,362.65 an ounce whereas palladium rose 1.1% to $1,819.99.
