Gold and silver are at record highs after Trump’s warnings about European tariffs
Gold and silver recorded new record levels during trading on Monday, supported by a strong wave of demand for safe haven assets, following US President Donald Trump’s warning of imposing additional customs duties on some European countries against the backdrop of a dispute related to the island Greenland.
He rose Goldin spot transactions increased by 1.5%, reaching $4,662.85 per ounce by 11:21 GMT, after touching an unprecedented historical level at $4,689.39 per ounce. US gold futures for February delivery also rose 1.6% to $4,668 an ounce.
Greenland
It was TrumpOn Saturday, he threatened a number of European allies with a series of escalatory tariffs, unless the United States was allowed to buy the island of Greenland, in a move that increased tensions around the vast Arctic island of Denmark.
Lien Tran, chief market analyst at The preferred choice.”
Stocks and the dollar declined
Stock markets and the US dollar declined, as investors’ appetite for gold increased, along with the Japanese yen and the Swiss franc, in a broad wave of risk aversion across global markets.
Gold is known for its strong performance during periods of geopolitical and economic uncertainty, as well as in low interest rate environments. Its prices have risen by more than 64% during the year 2025, and have increased by more than 8% since the beginning of this year.
In the same context, Michelle Bowman, Vice Chair of the US Federal Reserve for Supervision, said on Friday that the fragility of the labor market and the possibility of its rapid weakness means that the central bank must be prepared to lower interest rates again if necessary.
Markets expect the Federal Reserve to keep interest rates unchanged at its meeting on the 27th. and January 28, but it is currently pricing in the possibility of implementing two interest cuts of 25 basis points each during the current year.
Precious Metals
With regard to other precious metals, silver jumped in spot transactions by 3.7% to $93.24 per ounce, after reaching a record level of $94.08, bringing its gains since the beginning of the year to more than 30%.
Analysts said “JPMorgan” said they prefer gold compared to silver, noting that any possible sharp correction in silver may have a temporary effect on the gold market, but at the same time it may represent a buying opportunity, stressing that gold still has a clearer and stronger upward structure.
In the rest of the precious metals, platinum rose by 1.2% to $2,355.96 per ounce, while palladium rose by 0.7% to 1,811.55. Dollar.
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