21.01.2026 08:32
As concerns over Greenland tensions and trade wars increase demand for safe havens, the spot gold price per ounce rose by 1.8% to a historic high of $4,849; the gram gold also reached an all-time high of 6,751 lira.
While U.S. President Donald Trump's insistence on Greenland raises the risk of a new trade war with Europe, concerns about the balance within NATO have increased the demand for safe havens. With the weakening of the dollar, gold prices have reached historic highs.
SPOT GOLD ABOVE 4,800 DOLLARS
The increasing perception of geopolitical risk in global markets has led to strong buying in gold. The spot price of gold rose by 1.8% to 4,849 dollars, setting a historical record. U.S. gold futures also traded at 4,813.50 dollars, up 1%.
HISTORICAL PEAK IN GRAM GOLD
The sharp rise in the price of gold per ounce has also reflected in the domestic market. The price of gram gold increased by 1.9% to 6,751 lira, reaching an all-time high.
GREENLAND TENSION ESCALATES GEOPOLITICAL CONCERNS
Capital.com Senior Market Analyst Kyle Rodda stated that the rise is fundamentally based on a loss of confidence in the U.S. Rodda emphasized that Trump's threats of tariffs on Europe and pressure to take control of Greenland have significantly heightened global geopolitical concerns. Trump stated on Tuesday that there would be "no turning back" from the Greenland target, and did not rule out the possibility of using force if necessary. He then sent strong messages to NATO allies but later said, "We will find a solution that both NATO and we will be very happy with."
CLEAR AND STRONG MESSAGE FROM EUROPE
French President Emmanuel Macron stated in his remarks at Davos that Europe will not bow to bullying. Macron clearly expressed that they will not succumb to Trump's threat regarding Greenland and the pressure of high tariffs.
DOLLARS AND BONDS SOLD, FLIGHT TO GOLD ACCELERATED
According to Rodda, investors are turning to gold while selling dollars and especially long-term U.S. bonds. At this stage, the markets have more confidence in gold than in the U.S. currency. The dollar is trading near three-week lows against the euro and Swiss franc, while Asian stock markets declined for the third consecutive day. Global bond sales have shown signs of slowing down for now. The weak dollar has also contributed to making dollar-denominated metals cheaper for foreign buyers.
FED EXPECTATIONS SUPPORT GOLD
Markets expect the U.S. Federal Reserve to keep interest rates steady at its meeting on January 27-28, despite Trump's calls for rate cuts. Gold, which does not provide yield, generally performs better in low-interest environments.
MIXED TREND IN OTHER PRECIOUS METALS
Spot silver fell by 1% to 93.59 dollars, having set a record at 95.87 dollars the previous day. Platinum decreased by 0.7% to 2,445.96 dollars, having reached 2,511.80 dollars during the day. Palladium traded at 1,857.19 dollars, down 0.5%.