Gold Crosses $4,800 For The First Time As U.S., E.U. Spar Over Greenland

WORLDWIDE – Gold prices surged to a record high above $4,800 per ounce on Wednesday (January 21), buoyed by safe-haven demand and a softer dollar as U.S. President Donald Trump’s pursuit of Greenland threatened to reignite a trade war with Europe and upend the NATO alliance.

Spot gold rose 1.2% to $4,821.26 per ounce by 0226 GMT, after scaling a record $4,843.67 earlier in the session. U.S. gold futures for February delivery climbed 1% to $4,813.50 per ounce.

On Tuesday (January 20), Trump said there was “no going back” on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.

Meanwhile, French President Emmanuel Macron said Europe would not give in to bullies or be intimidated, in a scathing criticism of Trump’s threat of steep tariffs at Davos if Europe does not let him take over Greenland.