Investors traded gold and silver near record highs on Tuesday, as market concerns over U.S. President Donald Trump’s threats to annex Greenland weighed on sentiment, boosting demand for safe-haven assets. Gold held steady in spot trading at $4,671.54 per ounce by 01:18 GMT, following an all-time high of $4,689.39 in the previous session. U.S. gold futures for February delivery climbed 1.8% to $4,676.80 per ounce.

Silver slipped 1.2% in spot trading to $93.53 per ounce, after hitting a record high of $94.72 earlier in the session.

Silver (Web).

Trump stepped up efforts to assert U.S. sovereignty over Greenland, a Danish territory and NATO member, prompting the European Union to explore potential response measures. The dollar dropped to a one-week low on Tuesday, as White House threats to the European Union over Greenland’s future triggered a broad sell-off in U.S. stocks and government bonds.

Investors are turning to safe-haven assets such as gold, the yen, and the Swiss franc to shield themselves from trade war risks. Concerns persist, however, that trade war-induced volatility could return in 2025, which had only eased after mid-year tariff agreements were reached.

On Monday, the International Monetary Fund raised its forecast for global growth in 2026, as businesses and economies adjust to U.S. tariffs.

China’s economy grew 5.0% last year, meeting the government’s target by capturing a record share of global demand for goods to offset weak domestic consumption. While this strategy helped cushion the impact of U.S. tariffs, sustaining it is becoming increasingly challenging.

In other precious metals, platinum slipped 0.6% in spot trading to $2,359.45 per ounce, while palladium declined 1.3% to $1,817.44 per ounce.