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Gold surged to a fresh record high of $4,736.15 per ounce on Tuesday, gaining 1.2% amid escalating geopolitical tensions between the U.S. and the EU over Greenland.
The metal’s rally was driven by heightened demand for safe-haven assets, as traders responded to uncertainty triggered by Washington’s tariff threats.
Silver also climbed to an all-time high of $95,50, up 1% on the day. Palladium and platinum joined the rally, hitting intraday peaks of $1,870 and $2,414.61, respectively, both rising more than 1%.
The surge in precious metals came after U.S. President Donald Trump announced that European countries would face rising tariffs, starting at 10% on Feb. 1 and increasing to 25% by June, unless they agreed to hand over control of Greenland. The statement was met with swift criticism from European capitals.
Asian stocks finished lower across the board on Tuesday, as investor jitters continued to weigh on sentiment. Japan’s Nikkei 225 lost 1.1% to close at 52,991.1, South Korea’s Kospi slipped 0.4% to 4,885.75, and Hong Kong’s Hang Seng Index declined 0.4% to 26,468.59. Mainland China’s Shanghai Composite ended the day flat at 4,113.65.
In Europe, the Stoxx 600 index declined 1%, with all sectors and major exchanges, including London, Paris, and Frankfurt, closing lower for the second consecutive day
Türkiye’s Borsa Istanbul opened slightly higher, with the BIST 100 index edging up by 0.10% at the start of trading.
U.S. equity futures extended the downturn, hitting their lowest levels in a month. The S&P 500, which tracks the performance of 500 large U.S. companies, dropped 1.6%; the tech-heavy Nasdaq 100 fell 1.9%; and the Dow Jones Industrial Average, a blue-chip index of 30 major U.S. firms, declined 1.6%.
Currency and bond markets mirrored the cautious mood. The U.S. dollar index eased 0.5% to 98.56, while yields on Japanese government bonds climbed, with the 40-year note reaching 4%—its highest level since debuting in 2007.
Cryptocurrencies continued to retreat, with Bitcoin down 2.5% to $90,800, Ethereum falling 3.8% to $3,090, XRP slipping 2.8% to $1.92, and Solana losing 3.9% to $128.
Oil prices also edged lower, with West Texas Intermediate down 0.5% at $59 per barrel and Brent crude slipping 0.5% to $63.66.
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