Gold, silver hit fresh highs as Trump’s Greenland tariffs rattle European markets

[SINGAPORE] Gold and silver scaled new all-time highs on Monday (Jan 19), as investors continued to pour money into safe-haven assets following the Trump administration’s latest tariff salvo – this time linked to Greenland.

Spot gold prices climbed 1.4 per cent to trade at US$4,662.57 an ounce as at 7.57 pm, after reaching a record of US$4,690.59 earlier, Bloomberg data showed. Spot silver prices rose 4.4 per cent to US$94.12 an ounce, also an all-time high.

The rally in precious metals – traditionally viewed as a safe-haven asset class during periods of geopolitical or market uncertainty – was fuelled by fresh tariff measures announced by US President Donald Trump over the weekend, analysts observed.