19.01.2026 07:50
Increasing geopolitical tensions in global markets and U.S. President Donald Trump's threat of additional tariffs on Europe via Greenland have directed investors towards safe havens. Spot gold reached an all-time high of $4,690, while gram gold also hit a record of 6,527 lira.
The increase in geopolitical risks in global markets has directed investors towards safe havens. The threat of additional tariffs on Europe via Greenland from U.S. President Donald Trump has pushed gold and silver prices to historic highs.
SPOT GOLD AT ITS HIGHEST LEVEL IN HISTORY
In Asian trading, spot gold rose by 1.8% to $4,663.37 per ounce. During the day, the price reached $4,690, marking the highest level ever recorded. U.S. futures contracts for gold also increased by 1.6% to $4,669.90.
HISTORIC PEAK FOR GRAM GOLD
The rise in gold prices per ounce has also reflected in domestic markets. Gram gold traded at 6,488 lira, up 1.8%. During the day, gram gold reached 6,527 lira, setting an intra-session record.
TRUMP'S THREAT ON GREENLAND
In a statement over the weekend, Trump said that additional tariffs would be gradually applied to allies in Europe until the U.S. is allowed to purchase Greenland. This remark regarding the autonomous island belonging to Denmark has increased tensions in transatlantic relations. While European Union ambassadors agreed to increase diplomatic efforts to prevent potential tariffs, they reported that preparations for retaliation are ongoing in case sanctions are implemented.
StoneX Senior Analyst Matt Simpson stated that geopolitical developments are supporting gold prices, noting that Trump's tariff rhetoric highlights the seriousness of the Greenland threat. Simpson expressed that this process raises new questions regarding NATO's future and the political balances in Europe. Following the tariff announcements, U.S. futures markets and the dollar weakened, while investors turned to safe assets such as gold, the Japanese yen, and the Swiss franc. Gold, which does not yield interest, maintained its strong outlook during periods of low interest rates and increasing uncertainty.
A RECORD ALSO IN SILVER
Silver prices also experienced a sharp rise. Spot silver increased by 3.3% to $92.93, while during the day it refreshed its record at $94.08. OCBC Strategist Christopher Wong emphasized that the medium-term outlook for silver is strong, but caution is needed in the short term. Wong pointed out that the gold-silver ratio has declined from around 105 at the end of 2025 to below 50, indicating that silver has performed stronger compared to gold.