Gold surges past $4,800/oz to new record high amid Greenland tensions

Gold prices smashed through $4,800 an ounce on Wednesday, scaling another record high as escalating tensions linked to Greenland and renewed trade frictions rattled global markets and drove investors toward safe-haven assets.

Spot gold jumped 1.7% to a new all-time high of $4,844.39 an ounce by 21:13 ET (02:13 GMT), extending a relentless rally that has pushed bullion to successive all-time highs this month.

U.S. Gold Futures climbed 1.3% to $4,830.04/oz.

Gold prices have jumped more than 5% this week, including today’s gains.

The latest surge came as relations between the U.S. and Europe remained strained over Greenland’s strategic importance.

U.S. President Donald Trump has insisted there is “no going back” on Greenland, citing security concerns in the Arctic, and has threatened tariffs against European countries, unsettling markets already on edge over global trade risks.

French President Emmanuel Macron said Europe would not bow to “bullies,” stressing that respect and cooperation, not coercion, should define relations between allies.

His remarks, delivered on the sidelines of the World Economic Forum in Davos, underscored growing unease in Europe over Washington’s rhetoric and trade threats tied to the Greenland dispute.

Trump sought to calm nerves by saying the U.S. was working on the issue and aimed for an outcome that would satisfy NATO, but investors remained cautious.

Investor demand for gold was further boosted by weakness in the U.S. dollar, which slid about 0.8% on Tuesday to a two-week low.

The US Dollar Index traded 0.2% lower during Asian hours on Wednesday.

A softer dollar makes gold cheaper for holders of other currencies and typically lifts demand for the non-yielding metal.

Among other precious metals, silver prices edged slightly lower to $93.9/oz after hitting a record high of $95.87.oz on Tuesday.

Platinum rose to a record high of $2,519.51/oz on Wednesday but later pared gains to trade 0.6% lower at $2,450.9/oz.