Topline
The price of gold and silver rose to fresh highs early Tuesday amid a historic rally for the precious metals, with some analysts attributing this week’s surge to President Donald Trump’s push to acquire Greenland and ensuing tension with European leaders.
Gold and silver hit fresh highs on Tuesday. (Photo by Sven Hoppe/picture alliance via Getty Images)
dpa/picture alliance via Getty Images
Key Facts
The price of silver is about $94.57 as of 10 a.m. EST Tuesday, up nearly 7% though slightly down from the all-time high of $95.78 the metal reached earlier in the day.
The price of gold is 4,742.60 as of 10 a.m EST, up more than 3% and slightly down from the high of 4,756.60 it hit Tuesday morning.
Gold and silver prices have been on a tear over the past year, with international uncertainty contributing to demand for safe-haven assets, particularly this week as Trump’s demands for Greenland create tension between the U.S. and European leaders.
“The Greenland episode has poured fresh fuel on a rally that has been building for months, driven by a macro and geopolitical backdrop that has become increasingly uncomfortable for investors reliant on financial assets alone,” Ole Hansen, a strategist at Saxo Bank A/S, said in a note.
Trump’s threat to impose tariffs on European countries that oppose his push to take over Greenland is a main driver of the precious metals price increases, UBS analyst Giovanni Staunovo told Reuters Tuesday morning.
How Are International Tensions Making Gold And Silver Prices Rise?
Global tension typically causes increased demand for gold and silver, considered safe-haven assets. Trump has long spoken of wanting the United States to take over Greenland, but he has stepped up his demands in recent weeks to opposition from European leaders. Danish Prime Minister Mette Frederiksen told Trump on a call earlier this month Greenland is “not for sale,” while leaders of European countries including the United Kingdom, Germany and France have voiced support for Greenland. Trump last week threatened a 10% tariff on eight European countries impacting “any and all goods sent to the United States of America” in response to the opposition to his push to acquire Greenland. The tariffs would take effect Feb. 1, Trump said, and would increase to 25% on June 1. Trump declined to answer whether he would use force to take Greenland in an interview with NBC News on Monday, telling the outlet he has “no comment.” Trump’s push for Greenland is the latest global event causing gold and silver prices to spike, following the U.S. capture of Venezuelan leader Nicolas Maduro, protests in Iran and China placing restrictions on metal exports.
Will Gold And Silver Continue To Rise?
Analysts expect gold and silver to continue rising throughout 2026. Ned Naylor-Leyland, investment manager in Jupiter Asset Management’s gold and silver team, told CNBC last week it is “absolutely” possible gold will pass $5,000 an ounce and silver will pass $100 in 2026, adding investors should “assume that that would definitely happen this year.” Naylor-Leyland said demand for silver will continue to rise because of its use in technological industries, while continued global uncertainty will push prices upward. Paul Syms, head of EMEA ETF fixed income and commodity product management at Invesco, also told CNBC the Justice Department’s investigation into Federal Reserve chair Jerome Powell, which raises “concern about the independence of the Fed and US monetary policy,” could continue to push gold and silver prices higher as the precious metals are viewed as a “safe haven asset and inflation hedge.”
Further Reading
How Gold’s Safe-Haven Appeal Is Fueling Record Prices (Bloomberg)
Source: https://www.forbes.com/sites/conormurray/2026/01/20/gold-and-silver-hit-record-highs-amid-us-europe-tension-over-greenland/
