Gold, Silver Surge to Record Highs 

By Staff, Agencies 

Gold and silver prices surged to fresh record highs on Monday as investors sought safe-haven assets amid escalating geopolitical tensions, following renewed tariff threats by US President Donald Trump against European countries over Greenland.

Spot gold climbed 1.5% to $4,663.37 per ounce by 0335 GMT, after reaching an all-time high of $4,689.39 earlier in the session. US gold futures for February delivery rose 1.6% to $4,669.90 per ounce.

US stock futures and the dollar weakened as the tariff threats boosted demand for safe-haven assets, including gold, the Japanese yen, and the Swiss franc, in a broad risk-off move across markets. Non-yielding gold typically benefits in periods of low interest rates and heightened economic uncertainty.

Silver also posted strong gains, with spot prices jumping 3.3% to $92.93 per ounce after touching a record high of $94.08 earlier in the day.

“On silver, the medium-term narrative remains constructive, supported by persistent physical deficits, resilient industrial demand, and safe-haven demand,” said Christopher Wong, a strategist at OCBC.

Among other precious metals, spot platinum rose 0.9% to $2,348.32 per ounce, while palladium gained 0.5% to $1,808.46 per ounce.

The rally followed remarks by Trump on January 17, when he vowed to impose a series of escalating tariffs on European allies unless the United States is allowed to buy Greenland, intensifying a dispute over the future of Denmark’s vast Arctic territory.

In a post on Truth Social, Trump announced that beginning February 1, Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland would be subject to a 10% tariff on all goods exported to the United States, adding that the levy would increase to 25% on June 1, 2026, and remain in effect “until such time as a Deal is reached for the Complete and Total purchase of Greenland.”

Trump singled out Denmark, a NATO ally, and criticized European countries that recently sent troops to Greenland, a mineral-rich Arctic territory with around 57,000 residents, calling their actions “a very dangerous game” that increased security risks in the region.

He added that “strong measures” were needed to protect global peace and security and resolve the situation quickly. If carried out, the threatened tariffs would represent an extraordinary escalation against Washington’s NATO partners, raising concerns about alliance cohesion amid rising Arctic geopolitical tensions, while the legal basis for imposing up to a 25% levy remained unclear.

In response, European Union ambassadors agreed on January 18 to step up efforts to dissuade Washington from moving ahead with the tariffs, while also preparing retaliatory measures should the duties be imposed, according to EU diplomats