Gold and silver prices surged to record levels on Monday as investors sought safe havens after U.S. President Donald Trump threatened to impose tariffs on several European countries, reviving fears of a widening trade conflict.
In early Asian trading, gold climbed to an all-time high of $4,690.59 an ounce, while silver jumped to a record $94.12 an ounce, according to market data.
The rally followed Trump’s warning that tariffs could be imposed on European nations opposing Washington’s stance on Greenland, unsettling global markets and prompting investors to move away from riskier assets.
Precious metals typically benefit during periods of geopolitical and trade uncertainty, as they are viewed as a hedge against volatility and inflation.
Market analysts said further price swings are likely as investors assess the risk of escalating trade tensions between the United States and Europe.
