Geopolitical issues continue to fuel gold, silver prices

ISTANBUL

Gold prices hit a record high on Monday amid ongoing geopolitical and economic uncertainty, particularly an increase in tariffs.

Gold rose around 1.63% as of 0830GMT Monday to $4,670 an ounce, after hitting $4,690 thresold as a historical high point.

In the last 12 months, gold prices soared by around 72.9% amid trade and geopolitical tensions, and central bank rate cuts.

Silver also rallied 3.6% to $93.2 per ounce on Monday. In the last 12 months, silver surged by over 207.2%.

In an escalation over Greenland, US President Donald Trump announced on Saturday that he would impose 10% tariffs on Feb. 1 on goods from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the UK for opposing US control of Greenland and sending military personnel to the Danish territory. The rate, he said, would increase to 25% if an agreement is not reached by June 1.

European countries said the announcement could undermine transatlantic relations and vowed to retaliate collectively.