Gold Hits Record High Amid Geopolitical Tensions Over Greenland
Gold prices surged to an unprecedented $4,701.78 per ounce as investors flocked to safe-haven assets. The rally followed President Trump's renewed push to acquire Greenland, coupled with threats of escalating tariffs on Denmark and seven European nations.
Market volatility intensified after TRUMP proposed a 10% tariff starting February 1, potentially rising to 25% by June without progress on Greenland negotiations. The geopolitical uncertainty drove capital away from the U.S. dollar, benefiting precious metals across the board.
Silver briefly touched record highs before paring gains, while platinum and copper showed atypical midweek movements. The micro gold futures contract for February 2026 (MGC=F) reflected the bullish sentiment during Asian trading hours.
