Gold and silver traded near record highs on Tuesday, as \u200cUS President Donald Trump\u2019s threats to acquire Greenland soured global sentiment and sparked a rush into safe-haven assets. Spot gold was up 0.1% at $4,675.32 per ounce, as of 0336 GMT, after scaling an all-time high of $4,689.39 in the previous session. US gold futures for February delivery climbed 1.9% to $4,680.30 per \u200counce. Spot silver fell 1.4% to $93.33 an ounce, after hitting a record high of $94.72 \u200bearlier in the session. \u201cGold is biding its time today and consolidating recent gains, with traders waiting to see what happens next regarding Trump\u2019s latest spat with the EU over Greenland,\u201d \u200dsaid Tim Waterer, KCM Trade\u2019s chief market analyst. \u201cIf Trump continues to turn the heat up regarding tariff threats, gold could feasibly be eying off a run north of $4,700 in the near term,\u201d Waterer said, adding \u2060that if European Union leaders managed to patch things up with Trump at Davos this week, \u200dgold\u2019s risk premium might fade. Trump has intensified his push to wrest sovereignty over Greenland from fellow NATO member \u200cDenmark, prompting \u200cthe European Union to weigh hitting back with its own measures. The dollar retreated to its lowest in a week after tariff threats triggered a broad selloff across US stocks and government bonds. Gold also found support as concerns lingered around the Federal Reserve\u2019s independence with the US \u2060Supreme Court this week \u2060expected to hear \u200ba case around Trump\u2019s attempt to fire Fed Governor Lisa Cook over alleged mortgage fraud. The Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump\u2019s calls for cuts. Gold, \u200dwhich does not yield interest, typically performs well during periods of low interest rates. Kelvin Wong, a senior market analyst at OANDA, expects the Fed to continue its rate-cut cycle into 2026, citing a sluggish labour market \u200band lacklustre consumer sentiment, with the next reduction now \u200dbeing priced further down the calendar in either June or July. Among other precious metals, spot platinum slid 1.8% to $2,331.20 \u200ban ounce, while palladium dropped 2% to $1,804.15.<\/p>\n","protected":false},"excerpt":{"rendered":"
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