Khaberni - Gold prices have surged to new record levels, surpassing $4700 per ounce, after threats by U.S. President Donald Trump to annex Greenland created a wave of anxiety in the markets, weakening risk appetite and pushing demand towards safe-haven assets.
Gold in spot transactions rose by 0.6% to $4700.20 per ounce, after touching its highest level ever at $4689.39 in the previous session.
The American futures contracts for gold for February delivery also increased by 2.3% to $4703.30 per ounce.
Conversely, silver in spot transactions fell by 1.2% to $93.3 per ounce, after recording a record high of $94.72 earlier in the session.
Trump intensified his efforts to wrest sovereignty over Greenland from Denmark, a member of the North Atlantic Treaty Organization, prompting the European Union to consider retaliatory measures.
The dollar fell to its lowest level in a week on Tuesday, after threats from the White House towards the European Union concerning the future of Greenland triggered a widespread sell-off in American stocks and government bonds.
