Gold, silver hit record highs as Trump’s Greenland tariffs spark safety rally

Gold and silver prices climbed fresh peaks on Monday, as investors flocked to safe-haven assets on intensifying tensions, after U.S. President Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland.

Spot gold rose 1.5% to $4,663.37 per ounce by 0335 GMT, after scaling an all-time high of $4,689.39.

U.S. gold futures for February delivery jumped 1.6% to $4,669.90 per ounce.

On Saturday, Trump vowed to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland, escalating a row over the future of Denmark’s vast Arctic island.

European Union ambassadors reached a broad agreement on Sunday to intensify efforts to dissuade Trump from imposing tariffs on European allies, while also preparing retaliatory measures should the duties go ahead, EU diplomats said.

“Geopolitical tensions have given gold bulls yet another reason to push the yellow metal to new highs,” StoneX senior analyst Matt Simpson said.

“With Trump throwing tariffs into the mix, it is clear that his threat to Greenland is real, and that we could be one step closer to the end of NATO and political imbalances within Europe.”

U.S. stock futures and dollar slid as Trump’s latest tariff threats raised investors’ appetite for safe-haven gold, yen and Swiss franc, in a broad risk-averse move across markets.

Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties.

Spot silver advanced 3.3% to $92.93 per ounce, after hitting a record high of $94.08.

“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.

“But the pace of the recent extension may warrant some near-term tactical caution,” Wong said, noting that the gold-silver ratio declined sharply from highs near 105 in late 2025 to low-50s, signalling silver’s outsized performance versus gold.

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