Spot Gold extended its bullish run to a new record high above $4,722/oz. on Tuesday, as US President Donald Trump’s tariff threats over Greenland fueled safe-haven metals demand.
Trump said over the weekend that the US would implement a wave of increasing tariffs on European allies until it is allowed to acquire Greenland. Trump said the US would impose a 10% tariff on imports from several EU countries that oppose the Greenland proposal.
He said on Truth Social that Greenland was imperative for national and global security.
“There can be no going back,” the US President said.
“Trump’s ‘disruptive’ policy approach to international affairs and desire to see lower interest rates suit precious metals very well, as reflected by gold and silver’s rampant run,” Tim Waterer, chief market analyst at KCM Trade, was quoted as saying by Reuters.
“Trump’s second term thus far has been a boon for precious metals, with his unconventional approach to politics playing into the hands of gold and silver.”
Meanwhile, traders’ focus now sets on central bank remarks at the World Economic Forum in Davos, starting today. Policy makers from major central banks will participate, while their comments could shift risk sentiment.
Spot Gold was last up 1.07% on the day to trade at $4,720.40 per troy ounce.
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