Gold and Silver Surge to Record Highs Amidst Global Uncertainty and Trump’s Shifting Stance on Greenland
January 24, 2026 - Precious metals continued their record-breaking ascent on January 23rd, with silver prices breaching the $100 mark for the first time ever, while gold edged closer to an unprecedented $5,000 per ounce. The rally is being fueled by increased demand for safe-haven assets, with analysts pointing to the “absolute unpredictability” of former President Donald Trump as a key contributing factor.
silver reached a peak of $100.10 per ounce at 10:25 AM EST on january 23rd, representing a roughly 4% increase and a new all-time high. Simultaneously,gold traded around $4,945.21,slightly down from an earlier high of $4,970 recorded earlier in the day.
Copper prices also experienced a meaningful jump, exceeding $13,000 per tonne and approaching the record high set earlier this month at $13,173.50.
The surge in precious metals has been sustained throughout 2025 and into the first weeks of 2026. Goldman Sachs recently revised its gold price forecast upwards from $4,900 to $5,400 by the end of 2026.
According to Pepperstone’s Head of Research, Chris Weston, Trump’s retraction of threats to impose tariffs on the European Union, linked to his ambition to acquire Greenland, should have acted as a downward pressure on metal prices. However, he noted to Reuters on January 23rd, “Gold is looking more and more like a hedge against a trump presidency and the absolute unpredictability that comes with it.”
Analysts at Saxo Bank attribute the rising precious metal prices to a combination of “fear of missing out” (FOMO), a search for safe-haven assets amidst US-european tensions, and a weakening US dollar.
Why Gold and Silver Prices are Soaring in 2026
several international developments are driving the price increases in gold and silver. Global uncertainty typically leads to increased demand for assets perceived as safe havens. The recent surge in metal prices has been influenced by events including the United States’ actions regarding Venezuelan President Nicolás Maduro, protests in Iran, China’s new restrictions on silver exports, and Trump’s pursuit of acquiring Greenland.
Trump’s expressed interest in acquiring greenland sparked international tensions, prompting European leaders to voice their support for the Arctic island. In response,Trump threatened to impose tariffs on eight European countries. During a speech at the World Economic Forum in Davos, Switzerland, Trump denied any intention of using military force to secure Greenland. He later walked back the tariff threats in a post on Truth Social, stating that he and NATO Secretary General Marc Rutte had “formed a framework for future agreement regarding greenland.”
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