Gold and silver prices hit new record amid U.S. threats to increase tariffs

The price of gold and silver has reached new highs amid threats from US President Donald Trump to increase duties on goods from European countries due to disagreements over Greenland. This was reported on January 19 by Reuters.

"Geopolitical tensions have given stock speculators another reason to raise the price of the precious metal to new highs. Given that Trump is using the argument of tariffs, it becomes clear that his threat to Greenland is real, and that we may be one step closer to the end of NATO and the political imbalance in Europe," said Matt Simpson, senior analyst at StoneX.

As of the morning of January 19, the spot price of gold rose 1.6% to $4,666.11 per ounce, reaching a historic high of $4,689.39. U.S. gold futures for February delivery rose 1.7% to $4,671.90 per ounce. The spot price of silver rose 3.6% to $93.15 per ounce, reaching a record high of $94.08.

Trump's new threats are forcing investors to turn more and more to safe haven assets such as precious metals or the Swiss franc. In this regard, the dollar is falling and the price of futures on American stocks is falling.

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On January 17, Trump announced that Washington was imposing duties of 10% with the possibility of increasing up to 25% on a number of European countries due to the situation around Greenland. Starting from February 1, 2026, tariffs will apply to Denmark, Norway, Sweden, France, Germany, Great Britain, the Netherlands and Finland.

On the same day, according to the Comex exchange, it became known that the price per troy ounce of silver broke a historical record and exceeded $94. In addition, according to Comex, the price of gold is also rising.

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