Gold prices surged to fresh record levels during Asian trading on Tuesday, breaking above a key threshold as persistent concerns over U.S. demands related to Greenland kept investors cautious and firmly positioned in safe-haven assets.
Precious metals rallied sharply earlier in the week after U.S. President Donald Trump threatened to impose tariffs on European countries unless they agreed to cede Greenland. While silver saw some profit-taking on Tuesday, gold demand remained strong, reflecting sustained risk aversion.
Spot gold advanced 0.4% to $4,696.07 per ounce, while February gold futures climbed 0.5% to $4,701.96 an ounce by 00:04 ET (05:04 GMT). During the session, spot prices briefly touched an all-time high of $4,701.78 an ounce.
Gold supported as Trump–Greenland tensions rattle markets
Bullion continued to attract buyers as uncertainty surrounding Trump’s stance on Greenland fueled demand for safe-haven assets. The heightened geopolitical unease also weighed on the U.S. dollar, providing additional support to precious metals.
On Monday, Trump reiterated his position on Greenland and, in an interview with NBC News, declined to clarify whether military force could be used to secure the island. Market anxiety intensified earlier in January following U.S. military action in Venezuela and the capture of President Nicolas Maduro.
Trump is now expected to attend the World Economic Forum in Switzerland, where discussions with European leaders could bring further focus to the Greenland issue.
Analysts at OCBC noted that when U.S. foreign policy appears transactional and unpredictable, it can undermine policy credibility and encourage diversification away from the dollar. In such an environment, they said, precious metals—particularly gold—remain supported by ongoing geopolitical uncertainty rather than by outright conflict.
Silver eases from peak, platinum declines
Rising global uncertainty has prompted investors to reduce exposure to speculative assets and rotate further into physical holdings such as gold, a trend that helped drive a broad metals rally through late 2025.
Silver and platinum also benefited from this surge but faced mild pullbacks on Tuesday. Spot silver slipped 0.1% to $94.2890 an ounce after reaching a record high in the previous session, while spot platinum fell 0.6% to $2,361.47 an ounce.
Industrial metals were also influenced by demand for physical assets. Benchmark copper futures on the London Metal Exchange declined 0.4% to $12,927.58 per tonne, though prices remained close to recent record highs.
