Greenland tensions rise: Gold and silver start the week at record highs

Donald Trump’s renewed push over Greenland has reignited trade-war concerns and elevated geopolitical risk sentiment. As uncertainty increased, investors leaned into safe-haven assets, sending gold and silver to fresh record highs at the start of the week.

Tariff threats add to market stress

The US said it would impose additional tariffs on eight European countries, including France, Germany and the UK, after they opposed Washington’s Greenland plan. Reports indicated a 10% surcharge could take effect on February 1, with a potential increase to 25% in June.

European leaders were also reported to be preparing an emergency meeting to consider countermeasures. Sources said retaliation options could include tariffs on roughly €93 billion ($108 billion) worth of US goods.

Trump highlights “Russian threat”

Trump argued that Denmark has been ineffective in deterring a “Russian threat” around Greenland and said the issue can no longer be delayed. He also claimed NATO had warned Denmark about the risk for years.

New peaks for gold and silver

With tariff risks and geopolitical tensions rising, precious metals rallied sharply in early Asian trading. Spot gold jumped more than 2% to touch $4,691, while silver surged over 5% to test $94.10.

By 08:00, gold was up 1.80% at $4,664 per ounce, and silver was higher by 3.91% at $92.83.