Gold climbs to fresh record just shy of $4,900/oz as Greenland dispute and softer dollar drive safe-haven demand

Gold prices surged again on Wednesday, setting new all-time highs and edging closer to the $4,900-per-ounce mark, as rising geopolitical tensions linked to Greenland and renewed trade frictions unsettled markets and boosted demand for safe-haven assets.

Spot gold advanced 2.3% to $4,872.13 an ounce by 01:13 ET (06:13 GMT), after briefly touching a record intraday high of $4,878.30 earlier in the session. U.S. gold futures followed suit, gaining 2.4% to a historic peak of $4,880.50 an ounce.

US–Europe tensions over Greenland underpin rally

The precious metal has now risen more than 6% so far this week. The latest move higher comes as relations between Washington and European capitals remain strained over Greenland’s strategic role.

U.S. President Donald Trump has insisted there is “no going back” on Greenland, citing security considerations in the Arctic, and has threatened to impose tariffs on European countries — comments that have further unsettled markets already wary of global trade risks.

French President Emmanuel Macron responded by saying Europe would not bow to “bullies,” stressing that respect and cooperation, rather than coercion, should shape relations between allies. His remarks, delivered on the sidelines of the World Economic Forum in Davos, highlighted mounting concern in Europe over Washington’s rhetoric and trade threats tied to the Greenland issue.

Trump later sought to ease tensions, saying the United States was working on the matter and aiming for an outcome that would satisfy NATO, but investors remained cautious.

Weaker dollar adds tailwind

Gold’s advance was also supported by a softer U.S. dollar, which fell roughly 0.8% on Tuesday to a two-week low. The dollar index was down a further 0.2% during Asian trading on Wednesday.

A weaker greenback typically supports gold by making it more affordable for investors using other currencies, increasing the appeal of the non-yielding metal.

Elsewhere in precious metals, silver edged up to $94.75 an ounce after hitting a record $95.87 on Tuesday. Platinum briefly surged to a new all-time high of $2,519.51 an ounce before trimming gains to trade 0.2% higher at $2,467.90.

In industrial metals, benchmark copper futures on the London Metal Exchange climbed 1.3% to $12,944.20 a tonne, while U.S. copper futures rose 1% to $5.88 a pound.