Gold prices surged to a record high \u200babove $4,800 per ounce on Wednesday, buoyed by safe-haven demand and a softer \u200cdollar as US President Donald Trump\u2019s pursuit of Greenland threatened to reignite a trade war with Europe and upend the NATO alliance. Spot gold rose 1.2% to $4,821.26 per ounce, after scaling a record $4,843.67 earlier in the session. US gold futures for February delivery climbed 1% to $4,813.50 \u200cper ounce. \u201cIt\u2019s the loss of trust in the US caused by Trump\u2019s \u200bmoves over the weekend to tariff European countries and increase his coercion in trying to take Greenland. (The move in gold) reflects fears about global geopolitical (tensions),\u201c said Kyle Rodda, a senior \u200dmarket analyst at Capital.com. On Tuesday, Trump said there was \u201cno going back\u201d on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies. He later said, \u201cWe will \u2060work something out where NATO is going to be very happy and where we\u2019re \u200dgoing to be very happy.\u201d Meanwhile, French President Emmanuel Macron said Europe would not give in to bullies or \u200cbe \u200cintimidated, in a scathing criticism of Trump\u2019s threat of steep tariffs at Davos if Europe does not let him take over Greenland. \u201cObviously investors are selling the dollar, they\u2019re selling treasuries, particularly at the long-end, and buying gold instead because there is greater confidence in gold than \u2060in the US (currency) right \u2060now,\u201d Rodda said. The dollar \u200blanguished near three-week lows against the euro and Swiss franc, and Asian stocks extended their losses for a third session, while a global bond rout appeared to slow for now. A weaker dollar makes \u200dgreenback-priced metals cheaper for overseas buyers. The Federal Reserve is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump\u2019s calls for cuts. Non-yielding bullion typically performs well in low-interest-rate environments. Spot silver fell 1% \u200bto $93.59 an ounce, after hitting a record high of $95.87 \u200don Tuesday. Spot platinum lost 0.7% to $2,445.96 per ounce after hitting a record $2,511.80 earlier in the day, while palladium \u200bwas down 0.5% to $1,857.19.<\/p>\n","protected":false},"excerpt":{"rendered":"
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