Gold and silver costs hit report highs on Monday as European shares fell after US President Donald Trump threatened new tariffs tied to a dispute over Greenland.
Gold touched $4,689.39 (£3,499) an oz, whereas silver rose to a peak of $94.08 an oz.
Valuable metals are sometimes handled as safe-haven belongings during times of uncertainty.
Wealth Membership chief funding strategist Susannah Streeter stated:
“Gold has hit recent report highs on its glittering run upwards. The valuable steel is holding much more attract as a secure haven as worries unfold concerning the repercussions of the US aggressive commerce and geopolitical insurance policies.”
Tariffs linked to Greenland dispute
On Saturday, Trump stated a ten% tariff on items from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland would come into drive on February 1st.
He stated the tariffs may later rise to 25%, and that the measures would stay till a deal on Greenland was reached.
Market response and outlook
AJ Bell head of markets Dan Coatsworth stated Trump’s newest tariff menace “turns up the warmth to max”.
He added that regardless of the broad sell-off, “it’s not panic time”.
US markets had been closed on Monday for a public vacation.