Gold and silver prices reached record highs on Monday following a threat by U.S. President Donald Trump to impose new tariffs on eight European countries opposed to his proposed takeover of Greenland. The price of gold touched $4,689.39 (£3,499) an ounce, while silver rose to a peak of $94.08 an ounce.
The surge in precious metal prices occurred amidst escalating tensions between the U.S. and the European Union over the future of Greenland. The U.S. threat of additional tariffs prompted reports that the EU is preparing to retaliate, creating uncertainty in the market. Precious metals are often viewed as safer assets during times of economic and political instability, driving up demand and prices.
While gold and silver prices increased, Asian stock markets experienced modest declines. Japan's Nikkei index closed down 0.6%. European markets showed mixed results. London's FTSE 100 index fell slightly by 0.1%, but shares in gold mining companies Fresnillo and Endeavour saw gains due to the rising precious metal prices.
However, other European markets experienced more significant losses. Germany's Dax index fell 1%, with car manufacturers BMW, Mercedes-Benz, and VW among the companies most affected by the tariff threat. These companies are particularly vulnerable to tariffs due to their reliance on exports to the U.S. market.
The situation remains fluid as the U.S. and EU navigate the trade dispute. The potential for further escalation and retaliatory measures could continue to impact financial markets and the prices of gold and silver. Investors are closely monitoring developments for further indications of the economic impact of the trade tensions.
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