Markets Turn to Precious Metals as Tariff Concerns Over Greenland Weigh on Global Sentiment

President Trump vowed escalating tariffs starting at 10% on eight European countries from February 1, rising to 25% by June unless the U.S. gains control of Greenland, Denmark's strategic Arctic territory. Investors, spooked by revived trade war fears, piled into precious metals as equities faltered across Asia and Europe. The EU countered with plans for retaliation while urging de-escalation.

Key Highlights

• Gold Peaks: Spot gold +1.6% to $4,600/oz; U.S. futures +1.8% to $4,677/oz.
• ​Silver Soars: +4.4% to $93.85/oz, record $94.08 intraday.
• ​India Rates: Gold 24K ₹14,377/g (Mumbai), ~₹3.85L/oz; Silver ₹2,95,000/kg.
• ​Market Ripple: Asian stocks slid; EU preps countermeasures.

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Sources: Reuters via TradingView, Economic Times, Moneycontrol, GoodReturns (Jan 19, 2026 rates).