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Gold jumped past $4,700 per ounce for the first time on Tuesday, while silver traded near a record high, as US President Donald Trump’s threats to slap extra tariffs on European allies soured global sentiment and sparked a rush into safe-haven assets.

Spot gold gained 1 percent to $4,717.03 per ounce as ⁠of 0730 GMT, having hit an all-time high of $4,721.91 earlier. US gold futures for February delivery climbed 2.8 percent to $4,722.70 per ounce.

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Spot silver fell 0.5 percent to $94.23 an ounce, after hitting a record high of $94.72 earlier in the session.

Trump has intensified his push to wrest sovereignty over Greenland from fellow NATO member Denmark, prompting the European Union to weigh hitting back with its own measures.

“Trump’s ‘disruptive’ policy approach to international affairs and desire to see lower interest rates suit precious metals very well, as reflected by gold and silver’s rampant run,” ‍said Tim Waterer, KCM Trade’s chief market analyst.

“Trump’s second term thus far has been a boon for precious metals, with ‍his unconventional approach to politics ‍playing into the hands of ⁠gold and silver.”

Gold prices have rallied more than ‌70 percent since Trump began his second ⁠term a year ago, while silver ‍has catapulted more than 200 percent.

Kelvin Wong, a senior market analyst at OANDA, said gold also found support as the ⁠dollar weakened, while there’s still a possibility the European Union will issue non-tariff measures where European sovereign funds could use ‌the opportunity to offload US-based assets.

The dollar retreated to its lowest level in a week as tariff threats triggered a broad selloff across US stocks and government bonds.

Investors flocked to safe havens like gold and the Swiss franc as they fear a return to the volatility of 2025’s trade war, which only eased ‍when the sides reached tariff deals in the middle of the year.

EU leaders will convene in Brussels on Thursday for an emergency summit.

“Precious metals are expected to remain the clearest expression of the prevailing defensive mood in markets until a negotiation path become clearer,” said Ahmad Assiri, research strategist at Pepperstone.

Among other precious metals, spot platinum rose 0.6 percent to $2,387.55 an ounce, while ‌palladium added 0.2 percent to $1,845.75.

Read more:

EU leaders take stage at Davos as Trump rocks global order over Greenland threat

Trump says US will discuss Greenland at Davos, believes Denmark cannot protect it