Gold hits record high amid geopolitical, economic uncertainty
By 0830 GMT, gold is trading about 1.63 percent higher at $4,670 per ounce, after briefly touching a historic peak of $4,690 earlier in the session. Over the past year, the metal has gained roughly 72.9 percent, supported by rising trade tensions, global political risks, and interest-rate cuts by central banks.
Silver also posts strong gains, advancing 3.6 percent to $93.2 per ounce. Over the last 12 months, silver prices have surged by more than 207 percent.
The latest rally follows heightened tensions surrounding Greenland, after US President Donald Trump announces plans to introduce new trade measures. On Saturday, he says a 10 percent tariff will take effect on February 1 on imports from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, citing their opposition to US control of Greenland and the deployment of military personnel to the Danish territory. He adds that the tariff rate will rise to 25 percent if no agreement is reached by June 1.
European governments warn that the move risks damaging transatlantic relations and state that they are prepared to respond collectively.
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