Gold and Silver skyrocketted to record highs amid Trump-Greenland Trade war fears and safe-haven rush.
NaijaOnPoint Nigeria reports that gold and silver prices surged to unprecedented levels on Monday as investors rushed into safe-haven assets, driven by escalating geopolitical tensions triggered by U.S. President Donald Trump’s intensified push to acquire Greenland and threats of broad tariffs on European nations, sparking fears of a damaging transatlantic trade war.
Spot gold climbed to around $4,670 per ounce, setting fresh records, while silver jumped more than 4% toward new highs above $93–$94 an ounce as dollar weakness and market uncertainty bolstered demand for precious metals.
The Trump administration has announced plans to levy 10% tariffs starting February 1 on eight European countries, including France, Germany, and the UK, unless they acquiesce to U.S. demands related to Greenland, a strategic territory that has become a flashpoint in U.S.–EU relations.
Investor caution surged as European leaders prepare possible retaliatory measures and markets reacted to the risk of broad economic fallout, reinforcing gold’s role as a hedge against global instability.
Metals markets have now extended strong performance from late 2025 into early 2026, with base metals like tin also rallying and copper briefly touching all-time highs as commodities investors anticipate further uncertainty ahead.
Spot gold: ~$4,670/oz → Silver: up ~4% to ~$93–$94/oz; safe-haven inflows and tariff fears drive record precious metal pricing.