Gold, Silver hit record highs on Trump tariff fears

January 19, 2026 (MLN): Global precious metals markets surged on Monday, with gold and silver prices scaling fresh all-time highs, as investors sought refuge amid rising geopolitical uncertainty triggered by renewed tariff threats from U.S. President Donald Trump.

Spot gold rise 1.59% to $4,668 an ounce as of [3:08 PM] PST, according to data reported by Mettis Global.

Gold prices jumped sharply after President Trump warned of additional tariffs on European countries, linking the measures to Washington’s demand to gain control of Greenland, a semi-autonomous Danish territory.

The comments reignited concerns over trade disruptions and broader political instability across Europe.

U.S. gold futures for February delivery climbed 1.6% to $4,669.90 per ounce, showing heightened demand for safe-haven assets.

Over the weekend, Trump reiterated his stance, warning that a series of escalating tariffs would be imposed on European allies unless the United States is permitted to purchase Greenland.

In response, European Union ambassadors reportedly agreed on Sunday to step up diplomatic efforts to prevent the tariffs, while simultaneously preparing countermeasures should the U.S. proceed, according to CNBC.

The renewed trade uncertainty rattled broader financial markets, pushing U.S. stock futures and the dollar lower, while boosting demand for traditional safe havens such as gold, the Japanese yen, and the Swiss franc.

Gold, which does not offer yield, typically benefits from low interest rate expectations and periods of economic or political stress.

Among other precious metals, spot platinum rose 0.9% to $2,348.32 per ounce, while palladium gained 0.5% to $1,808.46, tracking the broader strength across the sector.

As geopolitical risks and trade tensions remain elevated, analysts expect precious metals prices to stay well-supported, with safe-haven demand likely to persist in the near term.

Copyright Mettis Link News