Gold, Silver Surge as Trump Announces Tariffs Linked to Greenland Dispute
Precious metals rallied sharply as geopolitical tensions escalated. Gold (XAU/USD) and silver (XAG/USD) hit record highs following President Trump's announcement of punitive tariffs tied to the Greenland sovereignty dispute. The 10% levy on European goods, scheduled to begin February 1, 2026, triggered immediate risk-off moves across markets.
Silver outperformed gold in the rally, with spot prices jumping intraday as traders sought inflation hedges. European equities slumped, particularly German benchmarks, as the tariff timeline took effect. The MOVE comes ahead of key central bank decisions that could further impact monetary metals.
"This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland," TRUMP declared in his policy statement. Eight European nations condemned the measures as threatening transatlantic relations.
