Gold prices hit new peaks as Trump tariff threat returns

Gold and silver prices climbed to fresh peaks on Monday, as investors poured into safe-haven assets after US president Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland.

Gold and silver prices climbed to fresh peaks on Monday, as investors poured into safe-haven assets after US 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 on Monday at 7.39am having hit an all-time high of $4,689.39.

On Saturday, Mr Trump vowed to implement a wave of increasing tariffs on European countries 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.

"Geopolitical tensions have given gold bulls yet another reason to push the yellow metal to new highs," StoneX senior analyst Matt Simpson said. "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."

US stock futures and dollar slid as Mr 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.

Reuters