Gold Hovers Near Record High

Gold prices held close to record levels on Tuesday, trading around $4,670 an ounce, supported by strong haven demand amid renewed US-EU trade tensions.

Reports on Monday indicated that Denmark is increasing its military presence in Greenland as President Trump refused to rule out using force to secure control of the island.

This comes after Trump on Saturday threatened an additional 10% import tariff on eight European countries from February 1, potentially rising to 25% in June unless the US is allowed to acquire the island.

EU leaders are set to discuss countermeasures at an emergency summit on Thursday.

Meanwhile, investors are eyeing the delayed US PCE report due later this week, which could provide further clues on inflation trends and US monetary policy.

Gold’s strong performance this year builds on gains from 2025, fueled by safe haven flows amid tensions in Venezuela and Iran, as well as lingering concerns about the Federal Reserve’s independence.