Gold hits record above $4,800 amid Greenland tensions
Gold prices surged to record highs above $4,800 per ounce for the first time, as investors rushed to safe-haven assets following a sharp selloff in U.S. markets triggered by rising geopolitical tensions over Greenland.
Spot gold climbed more than 2% to around $4,862 per ounce, after briefly touching an all-time high of $4,865.73. U.S. gold futures posted similar gains, signaling strong global demand for the precious metal as uncertainty rattled financial markets, News.Az reports, citing Reuters.
The rally follows escalating tensions between the United States and NATO allies after President Donald Trump reaffirmed his intention to take control of Greenland and refused to rule out the use of force. His remarks, combined with new threats of tariffs on European countries, sparked concerns over a widening geopolitical rift.
Market analysts said the gold surge reflects declining trust in U.S. stability, fears of global political conflict, and a weakening dollar. A softer dollar typically boosts demand for dollar-priced commodities like gold by making them cheaper for overseas buyers.
French President Emmanuel Macron responded strongly to Trump’s comments, stating Europe would not yield to intimidation. Meanwhile, Trump later said the U.S. and NATO would “work something out,” though uncertainty remains high.
Other precious metals also saw major moves. Platinum briefly hit a record above $2,500 per ounce, while silver traded just below its own historic peak. The U.S. dollar index hovered near a one-month low, reinforcing the momentum in metals markets.
Analysts say crossing the $4,800 mark has strengthened expectations that gold could soon test the $5,000 level, driven by rising global debt, currency weakness, and intensifying geopolitical risk.
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