Gold and silver prices reached new all-time highs on Monday as investors reacted to renewed trade tensions between the United States and Europe. The move followed a fresh tariff threat from President Trump, who warned of import duties on European countries unless they support a US bid to acquire Greenland. Markets responded quickly, with gold trading above $4,680 per ounce and silver above $94, as risk-averse investors moved capital into defensive positions.
The proposed tariffs are set to begin at 10% from 1 February, rising to 25% by mid-year. Though few expect the Greenland proposal itself to gain traction, the tariff warning was viewed as credible enough to unsettle global markets. European equities fell, with autos and industrials leading the declines. US markets were closed for a public holiday, adding to the lack of liquidity and amplifying the move into safe-haven assets.
Gold and silver saw broad buying interest, supported by weakness in the US dollar and increased demand for assets typically used to hedge political or market risk. The yen and Swiss franc also gained, while investors scaled back exposure to equities and risk-linked currencies.
KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
