Gold hits record high after Trump tariff threat to Europe

Gold prices climbed to an all-time high after US President Donald Trump threatened to impose import tariffs on eight European countries that oppose his plan to take control of Greenland.

Bloomberg reported that gold surged to a record $4,660 per ounce after Trump said he would levy duties on eight European nations that have pushed back against his Greenland ambitions.

Trump announced a 10% tariff on goods from several countries, including France, Germany and the United Kingdom, effective from February 1, with the rate set to rise to 25% in June. The move has fuelled concerns about retaliation from Europe that could trigger a major trade war, boosting demand for precious metals as safe-haven assets.

European leaders are expected to hold an emergency meeting in the coming days as they consider possible countermeasures. Sources close to the talks said member states are discussing a range of options, including retaliatory tariffs on US goods worth €93 billion ($108 billion).

French President Emmanuel Macron may seek to activate the European Union’s Anti-Coercion Instrument, widely seen as the bloc’s most powerful trade retaliation tool.

Precious metals have rallied strongly so far this year, extending a sharp rise in 2025 after the United States arrested a Venezuelan leader and then escalated threats to seize Greenland. The Trump administration has also renewed attacks on the US Federal Reserve, intensifying concerns over the Fed’s independence and driving trades in which investors avoid currencies and government bonds amid worries about rising debt levels.

Morning price update (January 19, 2026): Spot gold rose 1.4% to $4,660.81 per ounce at 7:08am Singapore time (one hour ahead of Thailand), after touching a peak of $4,662.30. Silver jumped 2.7% to $92.5145.