Gold and silver prices climbed to fresh peaks on Monday, as investors flocked to safe-haven assets amid intensifying tension after US 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/oz by 3.35am GMT, after scaling a record high of $4,689.39.
US gold futures for February delivery jumped 1.6% to $4,669.90/oz.
On Saturday, Trump vowed to implement a wave of increasing tariffs on European allies until the US is allowed to buy Greenland, escalating a row over the future of Denmark’s vast Arctic island.
EU 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.”
US stock futures and the 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.
Nonyielding gold thrives in a low-interest-rate environment and during economic uncertainties.
Spot silver advanced 3.3% to $92.93/oz, 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/oz, while palladium rose 0.5% to $1,808.46/oz.
Swati Verma
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.