Gold prices neared all-time highs as President Trump’s intentions regarding Greenland stirred uncertainty in global markets, leading investors to turn to safe-haven assets. The dollar fell, and U.S. stocks and bonds saw a selloff as investors looked for safety in the face of increasing trade war uncertainties and sought stability. Spot gold held steady at $4,671.54 per ounce, as of 0118, after reaching a record high of $4,689.39 in the previous session. U.S. gold futures for February delivery rose by 1.8% to $4,676.80 per ounce.

Spot silver decreased by 1.2% to $93.53 per ounce, after reaching a high of $94.72 earlier in the trading session. Trump has intensified his attempts to regain control of Greenland from Denmark, a fellow NATO ally, prompting the European Union to contemplate countermeasures. The dollar fell to its lowest level in a week after the White House issued warnings to the European Union about Greenland’s future, leading to a significant selloff in U.S. stocks and government bonds. Investors turned to safe havens like gold, the Japanese yen, and the Swiss franc, seeking protection from the risks linked to trade wars.

There are growing worries about a possible return to the instability seen during the trade war of 2025, a scenario that only calmed down after the parties reached tariff agreements in the middle of the year. The International Monetary Fund has once again revised its 2026 global growth forecast upward on Monday, highlighting the resilience of businesses and economies in reaction to U.S. tariffs. China’s economy expanded by 5.0% last year, meeting the government’s target by securing a significant share of global demand for goods to address weak domestic consumption, a strategy that eased the impact of U.S. tariffs but is becoming harder to sustain.

China kept its benchmark loan prime rates unchanged on Tuesday for the eighth month in a row in January, in line with market expectations. This week, the U.S. Supreme Court will tackle a crucial challenge to the Federal Reserve’s independence, representing the most significant test in over a century of its existence. SPDR Gold Trust, known as the largest gold-backed exchange-traded fund in the world, announced a rise in its holdings by 1.01%, totaling 1,085.67 metric tons on Friday. In other precious metals, spot platinum fell by 0.6% to $2,359.45 per ounce, while palladium dropped by 1.3% to $1,817.44.