Gold and silver prices rose to new record highs as investors flocked to safe-haven assets amid escalating geopolitical tensions, following US President Donald Trump's threat to impose additional tariffs on European countries over the Greenland dispute.
During trading on Monday, gold futures for February delivery rose 1.75% or $80.60 to $4,676 an ounce, after touching $4,698, the highest level ever for the most active futures contract.
Silver futures for March delivery also rose 5.3% to $93.24 an ounce, after touching $94.365, an all-time high.
The spot price of gold rose 1.6% to $4,669.15 an ounce, after hitting a record high of $4,689.39 earlier in the session, while its counterpart for silver added about 3.5% to $93.29 an ounce, after hitting an all-time high above $94.
Meanwhile, the dollar index, which measures the performance of the US currency against a basket of six major currencies, fell by 0.25% to 99.16 points.
While spot platinum prices added 0.3% to $2,347.89, its palladium counterpart lost about 0.5% to trade at $1,794.3.
European Union diplomats said that the bloc's ambassadors reached a preliminary agreement on Sunday to intensify efforts to dissuade Trump from imposing tariffs on European allies, while preparing to take retaliatory measures if such tariffs are imposed, according to Reuters.