Gold and Silver Hit Record Highs Amid Trump's Tariff Threats to Europe

Gold and silver hitting record highs are the main topic in the market today as investors return to seeking safer assets amid rising trade tensions. The biggest trigger comes from new tariff threats against a number of European countries related to the Greenland issue.

When the market senses new risks, the most common reaction is usually simple: risky assets are held back, while precious metals are bought more aggressively. As a result, gold and silver prices have broken new records in the global market.

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Why Gold and Silver Hit Record Highs as Tariff Issues Escalate

When tariff issues arise, markets usually immediately calculate the impact on economic growth, import costs, and trade stability. Tariffs are not just numbers on a policy document. They can change the flow of goods, trigger retaliation from other parties, and then add to uncertainty.

In such conditions, many market players choose to increase their holdings of assets that are considered more resilient, with gold often at the top of the list. Silver is also boosted for two reasons. It also serves as a hedge asset, and at the same time has an industrial side that makes it sensitive to changes in global sentiment.

On the day the record was set, spot gold briefly touched around US$4,689 per troy ounce before settling around US$4,670. Spot silver moved even more sharply, briefly touching around US$94 per troy ounce before settling around US$93.

This larger surge in silver is natural because silver is more volatile. When buying flows in, the movement is often faster than gold.

The threat of tariffs linked to the Greenland issue reinforces the impression that the tension is not only economic, but also geopolitical and bargaining power. Markets usually dislike this kind of double uncertainty. If investors feel that the risks are spreading in many directions, they tend to add assets that are considered more defensive.

There is one point that is often overlooked. Gold and silver records also appear when the market assesses that interest rates have the potential to be looser, or at least not getting tighter. Gold does not provide a return, so when the opportunity cost of holding gold feels lower, interest in gold usually increases.

Read also: Silver Investment Guide 2026: Benefits, Risks & How to Get Started for Beginners

How US and European Trade Tensions Drive Precious Metal Safe Havens

Demand for safe havens does not arise because people suddenly like gold. It arises because investors need a place to park their funds when the market direction feels unclear. When the threat of tariffs looms large, the market often sees a chain reaction.

The risk of higher import costs, squeezed business margins, slowing trade, and increased uncertainty. In such phases, funds often flow into gold, the yen, or the Swiss franc, while risky assets may weaken.

At the same time, the direction of the US dollar also plays a role. If the dollar weakens or becomes unstable, gold often rises more easily because global gold prices are based on the dollar. In addition, expectations of lower interest rates also make gold more attractive. This combination of geopolitics and monetary policy expectations often fuels rallies.

For ease of reading, here are the factors that traders typically monitor when gold and silver hit record highs due to tariff issues.

1. The tone of the tariff policy, whether the threat has turned into a clear schedule
2. Europe's response, whether there are concrete plans for retaliation
3. The direction of the US dollar, as this affects global precious metal prices
4. Bond yield movements, as they are related to the opportunity cost of holding gold
5. Stock market conditions, as they often reflect risk-on or risk-off sentiment

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It is important to understand that gold and silver do not move based on a single statement. The market reads a series of risks. If the risks feel more widespread, the demand for safe havens usually lasts longer. However, if tensions subside, precious metals may enter a pause phase.

Read also : Best Digital Gold Investments 2026 | Safe Choices for Everyone

Gold and Silver Trend Forecasts After Record Prices on Global Markets

After a record is set, there are two scenarios that most often occur. The first scenario is a continued upward trend, but at a slower pace. The market usually needs a break to absorb profits. The second scenario is a healthy correction, followed by another attempt to rise. Such corrections are not always bad. Sometimes they build a stronger new foundation.

For gold, the area around US$4,400 is often seen as an important zone that needs to be maintained for the trend to remain strong. If it falls deeper, the area around US$4,300 becomes a point that makes market players more cautious. For silver, the range of US$90 to US$100 is often seen as a difficult zone because silver is near its peak.

If it manages to hold and pass through that zone steadily, silver could still have room to rise. However, if it fails, silver is also known to reverse quickly due to its high volatility. On the downside, the US$60 to US$70 range is often referred to as a medium-term support zone that is being monitored by more market participants.

To keep your trend reading neutral, use a scenario-based approach rather than a single guess.

1. The scenario continues to rise if tariff tensions escalate and the dollar weakens
2. The scenario pauses if there is no further tariff news and the market starts to take profits
3. Correction scenario if interest rates are expected to rise again or tensions ease quickly

Beyond that, note one thing that often surprises retail investors. When prices hit record highs, physical demand in some countries can slow down because prices are considered too expensive for daily purchases. This does not always put pressure on global prices, but it can change short-term dynamics.

Read also: Gold Installment Simulation 2026: Calculation Examples & Tips Before Starting

Conclusion

The current record prices of gold and silver can be understood as the market's response to the threat of tariffs that add to the uncertainty of trade relations, particularly between the US and Europe, with the Greenland issue as the main trigger.

In situations like this, precious metals often become the choice because they are considered more defensive. However, after a record high, the market usually enters a phase of determining its direction. It could continue to rise if tensions escalate, or pause if the news subsides. The most sensible approach is to read the scenario, monitor the dollar and interest rates, and then manage risk when volatility increases.

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FAQ

Why did gold and silver hit record highs at the same time?

Because safe haven funds often flow in simultaneously when global risks increase, and silver is usually dragged along due to its higher volatility.

What is the relationship between tariff threats and precious metal prices?

Tariffs increase economic uncertainty and the risk of retaliation, prompting investors to seek assets that are considered more defensive.

Do record prices mean gold and silver will definitely continue to rise?

Not necessarily. After a record, the market often pauses or undergoes a healthy correction before determining its next direction.

What are the most important factors to monitor after a record?

The direction of the US dollar, interest rate expectations, and developments in policy responses from the parties involved.

What is the forecast for gold and silver trends in 2026?

It is safer to look at it as a scenario. If trade tensions persist and interest rates tend to be loose, the trend could remain strong. If tensions ease and interest rates return to being tight, the trend could weaken.