Gold retreated from its record high, but the upward trend remains intact.

Gold pared some of its gains during the day to around $4,700, a new record high, but any significant correction seems unlikely given the supportive economic environment. US President Donald Trump threatened to impose new tariffs on eight European countries that opposed his plan to annex Greenland. This announcement drew sharp criticism from European officials and raised concerns about a wider transatlantic trade dispute. This comes alongside escalating geopolitical risks.