Gold and silver prices surged to record levels on Tuesday as escalating tensions between the United States and European leaders drove investors toward traditional safe-haven assets.
The rally extended a months-long upward trend in precious metals, intensifying amid renewed geopolitical uncertainty tied to President Donald Trump’s push to acquire Greenland.
Spot gold climbed above $4,700 an ounce, reaching intraday highs near $4,750 before easing slightly later in the session.
Silver also hit an all-time high above $95 an ounce before retreating modestly.
Analysts attributed the surge to heightened political risk, weaker confidence in U.S. assets, and a falling dollar that made metals more attractive to overseas buyers.
Wall Street equities slid to a near three-week low as investors reacted to renewed tariff threats against Europe.
Market participants also pointed to expectations of future U.S. interest rate cuts, which reduce the opportunity cost of holding non-yielding bullion.
Gold’s rally follows a sharp rise over the past year, with the metal adding further gains at the start of 2026.
Silver has posted even steeper increases, reflecting both investment demand and industrial use.
The latest surge has been closely linked to President Trump’s intensified efforts to bring Greenland under U.S. control.
European leaders, including Denmark’s prime minister, have publicly rejected the proposal, while several European governments voiced support for Greenland’s status.
Trump has responded by threatening tariffs on European countries opposing the move, with levies scheduled to escalate later this year.
Analysts said these developments have amplified existing investor unease driven by broader global instability.
The Greenland dispute has added to a backdrop already shaped by other geopolitical events, including tensions involving Venezuela, Iran, and China.
Additional uncertainty emerged after comments suggesting a potential change in Federal Reserve leadership, raising concerns about U.S. monetary policy independence.
Market observers expect precious metals to remain supported if geopolitical and economic risks persist through the year.