Gold and silver prices soared to unprecedented levels as President Donald Trump’s escalating push to acquire Greenland sparked fears of a damaging trade war between the United States and Europe.
Spot gold traded at $4,670 an ounce, while silver surged as much as 4.4%, with investors flocking to safe-haven assets as Trump’s stance weighed on the dollar.This follows last week’s surge when silver jumped as much as 5.3% to top $90 an ounce for the first time, while gold surged past $4,630.
Tin led the rally among base metals, climbing as much as 6%, while copper briefly touched an all time high before easing
What the Trump administration is saying The Trump administration announced plans to impose tariffs on eight European nations, including France, Germany, and the UK, that oppose the Greenland acquisition.
The 10% levies will take effect on February 1, rising to 25% in June.
European leaders are set to hold an emergency meeting in the coming days to discuss possible responses.Member states are considering retaliatory tariffs on €93 billion ($108 billion) worth of US goods, according to people familiar with the talks.
French President Emmanuel Macron may request activation of the European Union’s anti-coercion instrument (ACI), described as the bloc’s most powerful retaliation tool.
Image Credit: Nairametrics
Source : Nairametrics
