Gold and silver prices climbed to fresh peaks on Monday, January 19, 2026, as investors poured into safe-haven assets after United States President Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland.
Spot gold jumped 1.6% to $4,666.65 per ounce by 0739 GMT, after scaling an all-time high of $4,689.39.
U.S. gold futures for February delivery advanced 1.7% to $4,671.40 per ounce.
On Saturday, Trump vowed to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland, escalating a row over the future of Denmark’s vast Arctic island.
European Union ambassadors are preparing retaliatory measures should the duties go ahead, EU diplomats said.
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StoneX senior analyst Matt Simpson said: “Geopolitical tensions have given gold bulls yet another reason to push the yellow metal to new highs.
“With Trump throwing tariffs into the mix, it is clear that his threat to Greenland is real, and that we could be one step closer to the end of NATO and political imbalances within Europe.”
U.S. stock futures and dollar slid as Trump’s latest tariff threats raised investors’ appetite for safe-haven gold, yen and Swiss franc, in a broad risk-averse move across markets.
Spot silver climbed 4% to $93.50, after hitting a record high of $94.08.
In other precious metals, spot platinum added 1.1% to $2,353.25 per ounce, while palladium rose 0.2% to $1,804.06.
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