Gold prices rose in spot trading on Tuesday to reach a new record high of $4,700.28 per ounce.
Investors traded gold and silver near record highs after threats by U.S. President Donald Trump to annex Greenland unsettled markets and dampened investor sentiment, leading to increased demand for safe-haven assets.
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Spot silver fell 1.2% to $93.53 per ounce, after earlier hitting a record high of $94.72 during the session.
Trump has stepped up efforts aimed at seizing sovereignty over Greenland from Denmark, a member of the NATO alliance, prompting the European Union to consider responding with measures of its own.
The U.S. dollar slipped to its lowest level in a week on Tuesday after threats from the White House toward the European Union over the future of Greenland triggered a broad sell-off in U.S. stocks and government bonds.
Investors are turning to safe-haven assets such as gold, the yen, and the Swiss franc to shield themselves from trade war risks. However, they remain wary of a return of volatility stemming from trade tensions in 2025, which only eased after tariff agreements were reached midyear.
On Monday, the International Monetary Fund once again raised its forecast for global economic growth in 2026, citing the ability of companies and economies to adapt to U.S. tariffs.
Reuters
