Gold and silver are at historic levels due to potential tariffs

Gold and silver prices rose to unprecedented levels today, as investors flocked to safe haven assets in light of growing tension after US President Donald Trump threatened to impose additional customs duties on European countries against the backdrop of the issue of control of Greenland.

The price of gold in spot transactions rose 1.6 percent to $4,670.01 per ounce by 01:10 GMT, after touching its highest level ever at $4,689.39.

US gold futures for February delivery jumped 1.8 percent to $4,677.

Silver in spot transactions rose 4.4 percent to $93.85 per ounce after touching an unprecedented level of $94.08.

On Saturday, Trump pledged a wave of tariff hikes on European allies until the United States is allowed to buy Greenland, raising the intensity of the dispute over the future of this vast Arctic island belonging to Denmark.

As for other precious metals, platinum rose 1.9 percent in spot transactions to $2,373.08 per ounce, and palladium rose 0.5 percent to $1,809 per ounce.