Gold prices surged to all-time highs in Asian trading on Monday, approaching $4,700 an ounce, as safe-haven demand surged after U.S. President Donald Trump threatened new tariffs on eight European nations over his push to acquire Greenland.
Spot gold rose 1.6% to $4,667.33 an ounce by 02:26 ET (7:26) GMT, after reaching a record high of $4,690.75/oz earlier in the session.
U.S. Gold Futures hit a peak of $4,697.71/oz.
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Gold boosted by Greenland risk, rate cut bets Gold extended last week’s strong rally after Trump over the weekend said he will impose new tariffs on eight European nations that have opposed his plan for the U.S. to acquire Greenland.
Trump said the U.S. would levy a 10% tariff on goods from the affected countries starting Feb. 1, with the rate set to rise to 25% in June if no agreement is reached.
The countries targeted include France, Germany, and the United Kingdom, along with several Nordic and northern European states.
The announcement drew sharp criticism from European officials and raised fears of a broader transatlantic trade dispute, prompting investors to seek shelter in precious metals.
The tariff threat added to an already supportive backdrop for gold, which has benefited in recent weeks from expectations that the Federal Reserve will begin easing monetary policy later this year.
Softer U.S. economic data and signs of cooling inflation have strengthened the case for rate cuts, reducing the opportunity cost of holding non-yielding assets such as gold and other metals.
Silver prices advanced over 4% to hit a new record high of $94.03/oz. The white metal has been buoyed not only by safe-haven demand but also by its dual role as an industrial metal.
Platinum prices also surged over 1% to $2,358.69/oz on Monday, underpinned by increasing investor appetite for physical assets.
Copper upbeat after China GDP data shows some resilience Among industrial metals, copper prices advanced on Monday after gross domestic product data from top importer China showed the country’s economy met Beijing’s 5% growth target for 2025.
Benchmark copper futures on the London Metal Exchange rose 0.6% to $12,881.0 a ton. Copper was also swept up in a rally in physical assets through late-2025, with investors also betting that increased spending on data centers across the globe will drive up demand for the industrial metal.
Chinese data showed GDP rising slightly above expectations in the December quarter, adding to hopes that the Chinese economy remained resilient. Such a scenario bodes well for global copper demand.
Monday’s reading showed China’s exports remained the biggest driver of growth, while business and private spending remained on the backfoot.
The uneven recovery also drummed up hopes of more stimulus measures from Beijing. The People’s Bank is set to decide on a key lending ratio on Tuesday.
