Gold prices hit a record high in Asian trade on Tuesday, crossing a key level as concerns over the U.S.’ demands for Greenland kept traders broadly risk-averse and pinned to safe havens.
Gold and silver prices soared to record highs earlier this week after U.S. President Donald Trump said he will tariff European countries until they cede Greenland. But while silver saw some profit-taking on Tuesday, gold remained relatively well-bid.
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Spot gold rose 0.4% to $4,696.07 an ounce, while gold futures for February rose 0.5% to $4,701.96/oz by 00:04 ET (05:04 GMT). Spot gold briefly hit a record high of $4,701.78/oz during the session.
Gold hits record as Trump-Greenland spat spooks markets Bullion remained well-bid as uncertainty over Trump’s plans for Greenland spurred more safe haven buying.
Said uncertainty also saw traders sell the U.S. dollar, which in turn aided metal prices.
Trump on Monday maintained his demands for Greenland, and in a NBC News interview did not disclose whether he would deploy the military for the island.
Fears of U.S. military intervention surged in January after Washington launched an incursion on Venezuela and captured President Nicolas Maduro.
Trump now heads to the World Economic Forum in Davos, Switzerland, where the U.S. president is likely to meet several European leaders.
“When US foreign policy leans towards transactional, unpredictable and bypassing multilateral frameworks, it can erode policy credibility and incentivises diversification away from the USD,” analysts at OCBC wrote in a note.
“In this environment, precious metals including gold remain supported not by prolonged conflict per se, but by an ongoing backdrop of geopolitical uncertainty and policy unpredictability.”
Silver cools after record high, platinum falls Heightened global uncertainty saw traders pare back on speculative assets and pivot further into physical assets such as gold– a trend that had driven a broad metal rally through late-2025.
Silver and platinum also benefited from this rally, although they faced some profit-taking on Tuesday. Spot silver fell 0.1% to $94.2890/oz after hitting a record high in the prior session. Spot platinum fell 0.6% to $2,361.47/oz.
Industrial metals were also caught up in demand for physical assets. Benchmark copper futures on the London Metal Exchange fell 0.4% to $12,927.58 a tonne, but remained close to recent record highs.
