WASHINGTON — Gold and silver prices hit all-time records on Monday as investors sought safety following a U.S. announcement of new trade tariffs on eight European nations.
Gold reached a peak of $4,689.39 per ounce on Monday. Silver also reached a record high of $94.08 per ounce. Market reports show that rising trade tensions drove the price surge. Investors moved their money into “safe-haven” assets—investments like gold that are considered lower risk during uncertain times.
The price jump follows President Donald Trump’s announcement on Saturday of new 10% taxes on goods from eight European countries. These tariffs are scheduled to take effect on Feb. 1, 2026. The countries targeted include the United Kingdom, Germany, France, Finland, the Netherlands, Sweden, Norway, and Denmark.
The Trump administration stated the taxes are a response to countries that opposed the U.S. plan to buy Greenland. To counter this, the European Union is reportedly preparing its own taxes on approximately $101 billion worth of U.S. goods.
The trade announcement has already affected international financial markets. Major stock markets in the United Kingdom, Germany, and France all fell between 0.4% and 1.4% on Monday. Losses were particularly heavy for companies that make cars and luxury goods, such as BMW, Mercedes-Benz, Volkswagen, LVMH, and Hermes.
While the stock market as a whole struggled, some types of businesses saw growth. Shares in gold mining companies like Fresnillo and military equipment companies like Rheinmetall went up as investors looked for safer places to put their money.
In addition to the tariffs, new export limits from China have also driven up silver prices. The International Monetary Fund (IMF), an organization that monitors the global economy, warned that these trade disputes are a major threat to the world’s economy.
U.S. financial markets were closed Monday for the Martin Luther King Jr. Day holiday. Because of the holiday, the full impact of the tariff announcement on domestic stocks will not be clear until markets reopen.
