Gold, Silver Hit Record Highs as Trump’s Greenland Tariff Threat Sparks Flight to Safe Havens

Gold and silver prices surged to fresh all-time highs on Monday as investors rushed into safe-haven assets following renewed geopolitical tensions triggered by US President Donald Trump’s threat to impose additional tariffs on European countries over the control of Greenland.

Spot gold jumped 1.6% to $4,666.11 per ounce by 0551 GMT, after touching a record high of $4,689.39 earlier in the session. Meanwhile, US gold futures for February delivery rose 1.7% to $4,671.90 per ounce.

The rally followed Trump’s weekend statement in which he warned that a series of escalating tariffs on European allieswould remain in place until the United States is permitted to purchase Greenland, intensifying tensions with Denmark and the European Union.

Diplomats said European Union ambassadors are preparing potential retaliatory measures should the tariffs be enforced.

“Geopolitical tensions have given gold bulls another strong catalyst,” said Matt Simpson, senior analyst at StoneX. He added that Trump’s tariff rhetoric signals that the Greenland issue is being taken seriously and could further destabilise transatlantic relations, including within NATO.

Markets Turn Risk-Averse

Trump’s comments triggered a broader risk-off move across global markets. US stock futures and the dollar weakened, while traditional safe havens such as gold, the Japanese yen and the Swiss franc attracted strong inflows.

Spot silver climbed 3.6% to $93.15 per ounce, after hitting a record high of $94.08 earlier in the day.

Christopher Wong, a strategist at OCBC, said silver’s medium-term outlook remains positive due to tight physical supply, robust industrial demand and safe-haven buying. However, he cautioned that the sharp pace of recent gains could warrant near-term caution.

Wong noted that the gold-silver ratio has dropped sharply from around 105 in late 2025 to the low-50s, highlighting silver’s recent outperformance over gold.

Analysts at J.P. Morgan said they currently prefer gold over silver, warning that any sharp correction in silver could spill over into gold in the short term. Nevertheless, they see such a scenario as a buying opportunity for gold, which they described as having a stronger long-term bullish structure.

Other Precious Metals

• Platinum rose 0.6% to $2,341.08 per ounce

• Palladium edged up 0.1% to $1,801.87 per ounce