Khaberni - Gold prices in spot transactions on Tuesday reached a new record level at $4700.28 per ounce.
Investors traded gold and silver near record high levels after President Donald Trump's threats to annex Greenland caused market concerns and negatively affected market sentiment, leading to increased demand for safe-haven assets.
Silver fell in spot transactions by 1.2% to $93.53 per ounce, after recording a high record level of $94.72 earlier in the session.
Trump intensified his efforts to wrest sovereignty over Greenland from Denmark, a NATO member, prompting the European Union to consider responding with special measures of its own.
The dollar fell to its lowest level in a week on Tuesday after threats from the White House to the European Union regarding the future of Greenland led to a widespread selloff in U.S. stocks and government bonds.
Investors flock to safe-haven assets such as gold, the yen, and the Swiss franc in search of refuge from the risks of a trade war. However, they fear a return of the turbulence caused by the trade war in 2025, which only subsided upon reaching agreements regarding tariffs in mid-year.
The International Monetary Fund once again raised its forecast for global growth for 2026 on Monday as companies and economies adjusted to U.S. tariffs.
