Gold holds near record high as trade war risks sour global sentiment

Gold and silver traded near record highs on Tuesday, as U.S. ‍President Donald Trump’s threats to acquire Greenland soured global sentiment and sparked a rush into safe-haven ⁠assets.

FUNDAMENTALS

* Spot gold was steady at $4,671.54 per ounce, as of 0118 GMT, after scaling an all-time high of $4,689.39 in the previous session.

* U.S. gold futures for February delivery climbed 1.8% to $4,676.80 ‌per ounce.

* ‌Spot silver fell 1.2% to $93.53 an ounce, after hitting a record high of $94.72 earlier in the session.

* ‌Trump has intensified his push to wrest sovereignty over Greenland from fellow NATO member Denmark, prompting the European Union to weigh hitting back with its own measures. * The dollar retreated to its lowest level in a week after threats from the White House towards the European Union over the future of Greenland triggered a broad selloff across U.S. stocks and government ‌bonds. * Investors ‍flocked to safe havens like gold, the Japanese yen and ‍the Swiss franc, seeking refuge from trade war risks. They ‌fear a return to the volatility of 2025’s trade war, which only eased when the sides reached tariff deals in the middle of the year. * The International Monetary Fund again edged its 2026 global growth forecast higher on Monday as businesses and economies adapt to U.S. tariffs.

* China’s economy grew 5.0% last year, meeting the government’s target by seizing a ‍record share of global demand for goods to offset weak domestic consumption, a strategy that blunted the impact of U.S. tariffs ‍but is ⁠increasingly hard to sustain.

* China ⁠left benchmark loan prime rates unchanged on Tuesday for the eighth consecutive month in January, matching market expectations.

* The most consequential test of the Federal Reserve’s independence in more than a century of existence comes before the U.S. Supreme Court this week.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.01% to 1,085.67 metric tons on Friday.

* In other precious metals, spot platinum fell 0.6% to $2,359.45 per ounce, while palladium dropped 1.3% to $1,817.44.