Gold, Silver Surge to Record Highs
Gold and silver prices scaled new heights Monday as investors sought refuge in haven assets after President Donald Trump threatened to impose new trade tariffs on European countries in a dispute over Greenland.
Continuous gold futures were up 1.8% to $4,677.3 an ounce, touching an all-time high of $4,689.39 earlier in the session. Elsewhere, silver futures rallied 4.75% to hit a record $92.9.
Trump said the U.S. will introduce tariffs on eight European nations — including France, Germany, and the U.K. — that oppose his plan to acquire Greenland from Denmark.
Duties of 10% are scheduled to begin on Feb. 1, with rates rising to 25% by June. In response, European officials are weighing up several countermeasures, including possible retaliatory tariffs on $108 billion worth of American exports.
Precious metals have surged in 2026, having posted dramatic gains in 2025, as the U.S. seized Venezuela's leader and then doubled down on threats to take Greenland. Meanwhile, lingering political tensions are weighing on Iran, where Trump had threatened military action after a wave of antigovernment protests left thousands of people dead in January.
Adding to market unease, the Trump administration recently renewed attacks on the Federal Reserve, rekindling worries about the central bank's independence and reinforcing gold's appeal.
Some analysts believe the rally has room to run. Citigroup, for example, said last week that gold could reach $5,000 an ounce within three months, while silver may climb to $100.
