Gold Prices Hit New Record Above $4,700 an Ounce as Tensions Rise Over Greenland

According to The Financial News, tensions between the United States and Europe over Greenland show no sign of easing, sending international gold and silver prices to fresh record highs.
On the 20th (local time), MarketWatch reported that gold and silver prices climbed back to record levels after U.S. President Donald Trump announced new tariffs on imports from European countries that had sent troops to Greenland, prompting investors to rush into safe-haven assets.
On COMEX, February gold futures rose 3.7% from the previous session to as high as $4,765.80 per ounce (31.1 grams).
March silver futures also hit a record, jumping 6.9% to $94.64 per ounce.
The outlet noted that investors are being rattled by President Trump’s attacks on the existing global order.
Jim Wyckoff, an analyst at Kitco.com, said that Trump’s threats have "shaken the very foundation of the alliance" between the United States, the North Atlantic Treaty Organization (NATO), and the European Union (EU).
Markets are now watching how the EU will respond to Trump’s tariffs on eight European countries.
Gold prices are being supported by increased purchases from central banks, while silver is benefiting from rising industrial demand.
Michael Armbruster, co-founder of AltaVest, said the rally driven by tariffs related to Greenland could eventually cool, but he expects demand for precious metals to remain strong.
Regarding silver, Armbruster said, "Whether it is the construction of data center infrastructure or Samsung Electronics’ production of new silver-based batteries, demand for silver will increase, but output is unlikely to keep up."


jjyoon@fnnews.com Reporter Yoon Jae-joon Reporter