Gold and silver soared to new highs just days after hitting record highs as investors flocked to safe-haven assets amid a volatile geopolitical and economic outlook.
us February gold futures Delivery rose 1.71% to $4,674.20 an ounce on Monday, after hitting a record high last week. spot gold rose 1.6% to $4,668.14.
This comes after US President Donald Trump stepped up his rhetoric about annexing the Arctic island, announcing that he would impose tariffs on goods from eight European countries until a “full and complete purchase of Greenland” is agreed.
“Gold’s rally has been strong, but it remains a very solid fund market,” George Cheverley, Natural Resources Portfolio Manager at Ninety-One, said in the asset manager’s 2026 sector outlook released on Monday. “It’s also rooted in mentality. With real interest rates likely to fall and central banks continuing to diversify their foreign exchange reserves, we see more reason for gold to consolidate or even creep higher than for it to fall sharply.”
At current prices, profit margins are expected to be four to five times higher than in 2024, according to the outlook.
Silver is following gold’s bull run and looks comfortable at these prices. us March silver futures It rose to a record high of $93.035 per ounce and was last seen at $93.02, up 5.06%. silver spot price It rose 3.55% to $93.16 an ounce.
Gold and silver tend to perform well during times of heightened uncertainty, as riskier assets such as stocks fall out of favor.
The tariffs on Greenland follow the United States’ capture of Venezuela’s president on January 3 and its seizure of control of the country’s oil industry. And while President Trump suggested a military attack on Iran was imminent amid a crackdown on Iran’s civil war, it appeared only last week that he was backing down on that threat.
European and Asia-Pacific markets were mostly lower on Monday as investors assessed geopolitical threats. Shares in some of Europe’s biggest automakers and major luxury goods stocks fell on Monday morning as investors digested the possibility of tariffs on European countries. President Trump said that if no deal is reached, the rate would rise to 10% starting February 1st and 25% starting June 1st. The Stoxx Europe 600 Auto Parts Index was down 2.2% in early trading, while the Stoxx Europe Luxury Goods 10 Index was down 2.9%.
European countries are reportedly considering retaliatory tariffs or broader economic countermeasures.
The Justice Department’s criminal investigation into Federal Reserve Chairman Jerome Powell could also spook markets as investors consider the long-term impact of President Trump’s war of words aimed at pressuring interest rates.
Meanwhile, conflict continues in Ukraine, and progress in the Gaza Strip is expected to take years.
Other base metals also rose, but this was driven by megatrends rather than geopolitics. Copper in particular has an “attractive” risk-reward profile, according to Cheveley, thanks to demand from energy and data center infrastructure.
us March copper futures It was last up 0.54% at $5.8625 an ounce, matching its rise from the January 6 high.
