Gold and silver hit fresh highs as Greenland holds investor attention
Gold and silver rose to new highs just days after breaking previous records, as investors flocked to safe-haven assets amid a volatile geopolitical and economic outlook.
WE February gold futures Deliveries rose 1.71% to $4,674.20 an ounce on Monday after reaching a record high last week. spot gold It rose 1.6% to $4,668.14.
This comes after US President Donald Trump announced tariffs on goods from eight European countries leading up to the “Complete and Complete Acquisition of Greenland” agreement, while stepping up his rhetoric of annexing the Arctic island.
“Gold’s rally has been strong, but it’s also based on fundamentals that are still very much in place,” George Cheveley, Ninety One’s natural resources portfolio manager, said in the asset manager’s 2026 sectoral outlook published on Monday. “With real rates likely to fall and central banks continuing to diversify their reserves, we see more reasons for gold to rally rather than consolidate or do a sharp selloff.” he said.
According to the outlook, margins at current prices are expected to be four to five times higher than in 2024.
Silver followed the rise of gold and seems comfortable at these prices. WE March silver futures It rose to a record $93.035 per ounce and was last seen at $93.02, up 5.06%. Spot price of silver It traded at $93.16 per ounce, up 3.55%.
Gold and silver tend to perform well during periods of increased uncertainty as risky assets like stocks fall out of favor.
The tariffs on Greenland came after the United States captured the Venezuelan president on January 3 and took control of the country’s oil industry; and Trump has suggested a military strike against Iran is imminent at a time when Iran is cracking down on civil unrest, but appeared to back away from that threat last week.
European and Asia-Pacific markets were mostly lower on Monday as investors weighed geopolitical threats. Shares of some of Europe’s biggest automakers and major luxury goods names fell Monday morning as investors digested possible tariffs on European countries. Trump said that these rates will be 10% as of February 1, and if a deal is not made, they will increase to 25% as of June 1. The Stoxx Europe 600 Auto and Parts Index fell 2.2% in early settlement, while the Stoxx Europe Luxury 10 index fell 2.9%.
European countries are reportedly considering retaliatory tariffs and broader economic countermeasures.
The Justice Department’s criminal investigation into Federal Reserve Chair Jerome Powell may be roiling markets as investors weigh the long-term impact of Trump’s war of words aimed at pressuring him to lower interest rates.
On the other hand, the conflict continues in Ukraine and progress in Gaza is expected to take years.
Other base metals also gained ground, but they were driven by megatrends rather than geopolitics. Copper in particular has an “attractive” risk-reward profile, according to Cheveley, thanks to demand from energy and data center infrastructure.
WE March copper futures It was last seen up 0.54% at $5.8625 per ounce, paring gains from the Jan. 6 peak.
