Gold Soars to New Records Near $4,900 as Greenland Tensions Shake Markets

Gold prices surged to fresh all time highs in Asian trading on Wednesday, edging closer to the $4,900 an ounce mark as escalating tensions between the United States and Europe over Greenland rattled global markets and reignited demand for safe havens.

Spot gold jumped 2.3% to $4,872.13 an ounce, after touching a new peak of $4,878.30 earlier in the session. U.S. gold futures climbed 2.4% to a record $4,880.50.

Bullion has gained more than 6% this week, fueled by rising geopolitical unease. The latest rally followed renewed friction between Washington and European capitals over Greenland’s strategic importance. President Donald Trump reiterated that there is “no going back” on Greenland, citing Arctic security concerns, and threatened trade tariffs against European countries, unsettling already fragile markets.

European leaders pushed back sharply. French President Emmanuel Macron said Europe would not yield to “bullies,” stressing that cooperation, not coercion, must define relations between allies. His remarks at the World Economic Forum in Davos highlighted growing anxiety across the continent over Washington’s rhetoric and trade threats tied to the dispute.

Although Trump sought to reassure investors by saying the U.S. was working toward an outcome acceptable to NATO, markets remained cautious.

Gold also drew support from a weaker U.S. dollar, which slid to a two week low earlier in the week. A softer greenback makes bullion cheaper for non U.S. buyers and typically boosts demand for the non yielding metal.

Other metals joined the rally. Silver hovered near record levels around $94.75 an ounce, while platinum briefly hit a historic high above $2,500 before easing. Copper prices also advanced, reflecting broader interest in physical assets amid global uncertainty.