Overview
- Spot gold topped $4,700 in early Tuesday trading after setting a new peak near $4,689 in the prior session, while February futures traded around $4,676.80 an ounce.
- The move followed President Trump's threats of steep tariffs, including 200% on French goods, alongside remarks about asserting control over Greenland that heightened geopolitical uncertainty.
- U.S. equity futures fell about 1%, the dollar slipped to a one-week low, and investors sold Treasuries as EU officials considered a response and Citi downgraded European equities.
- Silver pulled back to about $93.53 an ounce after an intraday record near $94.72, while platinum fell to roughly $2,359 and palladium to about $1,817.
- Despite an IMF upgrade to 2026 global growth and China’s 5.0% expansion last year, analysts warned of renewed tariff volatility, with attention turning to Davos where Trump is expected to meet business leaders on Wednesday.