Setting a new record high, investors flocked to safe-haven assets following President Trump's announcement of new tariffs on European countries on Saturday.
Trump said he would impose a 10% tariff on goods from eight European countries starting February 1, and that it could rise to 25% in June if no agreement was reached on what he called the "full and final purchase of Greenland." This announcement sparked concern across Europe, and European leaders are expected to hold an emergency meeting in the coming days to discuss possible retaliatory measures, including tariffs on €93 billion worth of US goods.
Gold has continued its strong rally this year after a stellar performance in 2025, supported by safe-haven flows amid geopolitical tensions in Venezuela and Iran, along with renewed concerns about the independence of the Federal Reserve.