Gold prices climbed to an all-time high after US President Donald Trump threatened to impose import tariffs on eight European countries that oppose his plan to take control of Greenland.
Bloomberg reported that gold surged to a record $4,660 per ounce after Trump said he would levy duties on eight European nations that have pushed back against his Greenland ambitions.
Trump announced a 10% tariff on goods from several countries, including France, Germany and the United Kingdom, effective from February 1, with the rate set to rise to 25% in June. The move has fuelled concerns about retaliation from Europe that could trigger a major trade war, boosting demand for precious metals as safe-haven assets.
European leaders are expected to hold an emergency meeting in the coming days as they consider possible countermeasures. Sources close to the talks said member states are discussing a range of options, including retaliatory tariffs on US goods worth €93 billion ($108 billion).
French President Emmanuel Macron may seek to activate the European Union’s Anti-Coercion Instrument, widely seen as the bloc’s most powerful trade retaliation tool.