- Gold held near a record high amid fears of a US-Europe trade war sparked by Greenland dispute
- Silver fell from an all-time peak after surging on Trump's tariffs threat to eight European nations
- European leaders consider responses, with Macron seeking EU anti-coercion measures against the US
Gold was steady near a record high, while silver retreated from an all-time peak, as President Donald Trump's push to take over Greenland stoked fears of a potential US–Europe trade war.
Markets are now waiting to see how Europe will respond after both precious metals surged on Monday following Trump's pledge to impose tariffs on eight European nations opposing his Greenland ambitions. Gold traded near $4,670 an ounce on Tuesday, while silver briefly touched a record $94.7295 an ounce.
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The US' threat toward its NATO allies has rattled markets, buoying demand for havens and reviving the “Sell America” trade. French President Emmanuel Macron intends to request activation of the European Union's anti-coercion instrument, although German Chancellor Friedrich Merz said he's trying to get Macron to tone down his response.
The crisis — coming hot on the heels of the US' seizure of Venezuela's leader — has added further impetus to what was already a breakneck rally in precious metals. The Trump administration's renewed attacks on the Federal Reserve have also aided gold and silver this year, as they've revived concerns about the independence of the central bank.
“The rally in precious metals did not begin with this dispute, and it is unlikely to end with it,” Ole Hansen, a strategist at Saxo Bank A/S, wrote in a note. “Instead, the Greenland episode has poured fresh fuel on a rally that has been building for months, driven by a macro and geopolitical backdrop that has become increasingly uncomfortable for investors reliant on financial assets alone.”
Gold dipped 0.1% to $4,666.78 an ounce as of 10:16 a.m. in Singapore, while silver fell 1.5% to $93.0900 an ounce. The Bloomberg Dollar Spot Index was flat after losing 0.3% on Monday. Platinum and palladium declined.
Investors will be keeping close tabs on the US Supreme Court's argument on Trump's effort to fire Fed Governor Lisa Cook, which is due Wednesday and could be pivotal for the central bank's continued independence.
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