Gold prices reached a record high during Asian trading on Tuesday, breaking a key threshold as worries over U.S. demands regarding Greenland kept investors risk-averse and focused on safe-haven assets.
Gold and silver surged to historic highs earlier in the week after U.S. President Donald Trump threatened to impose tariffs on European nations unless Greenland was ceded. While silver faced some profit-taking on Tuesday, gold continued to attract strong buying interest.
Spot gold climbed 0.4% to $4,696.07 per ounce, while February gold futures advanced 0.5% to $4,701.96 an ounce by 00:04 ET (05:04 GMT). During the session, spot prices briefly touched a record high of $4,701.78 an ounce.
Gold climbs to record high as Trump–Greenland dispute rattles markets
Bullion remained firmly supported as uncertainty surrounding President Trump’s intentions for Greenland fueled renewed safe-haven demand. The uncertainty also pressured the U.S. dollar, providing additional support to precious metal prices.
On Monday, Trump reiterated his demands regarding Greenland and declined to rule out military action in an interview with NBC News. Concerns over potential U.S. military intervention intensified in January after Washington launched an incursion into Venezuela and detained President Nicolás Maduro.
Trump is now heading to the World Economic Forum in Davos, Switzerland, where he is expected to meet with several European leaders.
“When U.S. foreign policy becomes increasingly transactional, unpredictable, and dismissive of multilateral frameworks, it risks undermining policy credibility and encourages diversification away from the U.S. dollar,” analysts at OCBC said in a note.
In this setting, precious metals such as gold continue to find support not from sustained conflict itself, but from persistent geopolitical uncertainty and unpredictable policy conditions.
Silver eases after hitting record high, platinum declines
Heightened global uncertainty prompted investors to scale back exposure to speculative assets and rotate further into physical assets such as gold—a trend that fueled a broad rally across metals through late 2025.
Silver and platinum also benefited from the rally, though both saw some profit-taking on Tuesday. Spot silver slipped 0.1% to $94.2890 an ounce after reaching a record high in the previous session, while spot platinum fell 0.6% to $2,361.47 an ounce.
Industrial metals were likewise swept up in demand for physical assets. Benchmark copper futures on the London Metal Exchange declined 0.4% to $12,927.58 a tonne, but remained near recent record highs.
Sources: Investing
THE ETERNAL SOVEREIGN 
Leave a comment