Gold Hits New High Above $4,700 as Greenland Crisis Escalates

Gold rose past $4,700 an ounce to a record high while silver also reached an all-time peak as the standoff between the US and Europe over control of Greenland showed no sign of de-escalation.

Markets are waiting for Europe’s response to US President Donald Trump’s threat to impose tariffs on eight European nations that oppose his Greenland ambitions. The US Supreme Court once again didn’t issue a ruling on Trump’s country-specific tariffs. Elsewhere, a meltdown in Japanese government debt rippled through global bond markets, while a gauge of dollar strength fell by the most in over a month.