Gold rose to a record high after US President Donald Trump said he would slap tariffs on eight European nations that have opposed his plan to take Greenland.
Trump announced a 10% tariff on a goods from countries including France, Germany and the UK, which would kick in on Feb. 1 and rise to 25% in June. The move sparked fears of retaliation from Europe, which could lead to a major trade war, supporting haven demand for precious metals.
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Spot gold climbed 1.4% to $4,660.81 an ounce as of 7:08 a.m. in Singapore, after touching a peak of $4,662.30. Silver advanced 2.7% to $92.5145.
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