Gold prices climbed more than 1% on Monday, pushing above $4,660 per ounce to a new all-time high, as investors moved into safe-haven assets following fresh trade tensions triggered by President Donald Trump.
Over the weekend, President Trump announced plans to introduce a 10% tariff on imports from eight European countries, set to take effect on February 1. The move was attributed to their opposition to U.S. claims over Greenland.
Trump further stated that the tariff could be increased to 25% by June 1 if negotiations fail, insisting on what he called the “complete and total acquisition of Greenland” by the United States. The announcement has raised alarm across Europe, with regional leaders expected to convene emergency talks to consider potential countermeasures.
Gold has already been on a strong upward trend this year, building on its solid gains in 2025. The rally has been supported by ongoing political instability in Venezuela, renewed questions surrounding the independence of the U.S. Federal Reserve, and growing expectations of additional interest rate cuts in the United States.
Golden coins, and gold bars scattered on a table
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