Overview
- President Trump set a 10% tariff on eight European nations from Feb. 1, rising to 25% on June 1 unless the U.S. completes a purchase of Greenland, a plan publicly rejected by Danish and other European leaders.
- Prices notched fresh records this week, with gold pushing above $4,800 per ounce and silver exceeding $95 before a slight pullback, while India and Pakistan logged new all‑time highs in local bullion rates.
- Safe-haven demand has been reinforced by central-bank gold buying, a softer dollar and silver’s tight physical market, with China curbing silver exports as industrial demand from solar, EVs and electronics increases.
- Cross-asset moves reflect risk-off positioning as European equities slipped and analysts warned that speculative positioning is stretched, prompting some exchanges to tighten margin and position limits.
- Markets are watching for possible European countermeasures and additional U.S. trade actions, with Trump also floating steep tariffs on French wine, as volatility stays elevated ahead of the tariff timetable.