Gold and silver hit record highs as Greenland dispute spurs safe-haven buying

Core Viewpoint - Gold and silver prices reached record highs due to increased demand for safe-haven assets following President Trump's tariff threats against European countries over Greenland [1][3][4]. Group 1: Gold Market - Spot gold prices surged 1.7% to $4,672.49 per ounce, reaching a peak of $4,689.39 [1][3]. - US gold futures for February delivery increased by 1.8% to $4,677.70 per ounce [1]. - Gold has historically performed well during geopolitical and economic uncertainty, gaining over 64% in 2025 and more than 8% since the beginning of the current year [5]. Group 2: Silver Market - Spot silver climbed 5% to $94.41 per ounce after hitting a record high of $94.61 [8]. - Silver has increased by over 32% since the start of the year [8]. - Analysts at Citi Research maintain a bullish outlook on precious metals, projecting gold to reach $5,000 per ounce and silver to hit $100 per ounce within the next three months due to ongoing geopolitical tensions [8]. Group 3: Market Reactions - The dollar weakened as investors sought safe-haven assets like gold, the Japanese yen, and the Swiss franc amid rising risk aversion [4]. - Federal Reserve officials indicated a readiness to cut interest rates if the job market weakens, which could further support gold prices [7].