WASHINGTON (dpa-AFX) - Gold prices catapulted to unprecedented levels on Tuesday as U.S. President Donald Trump's continued push to take over Greenland drove safe-haven demand.
Front Month Comex Gold for January delivery zoomed by $171.20 (or 3.73%) to $4,759.60 per troy ounce. Notably, this is a new record high for gold prices.
Front Month Comex Silver for January delivery also skyrocketed by $6.1150 (or 6.94%) to $94.206 per troy ounce. Notably, this is also a new record high for silver prices.
Despite opposition from European nations and criticism from Russia and China, citing future Russian threats, Trump stepped up efforts to bring the Denmark-owned territory of Greenland in the Arctic under U.S. control.
Committed to push the issue at the World Economic Forum at Davos in Switzerland, Trump also shared an image depicting Greenland as a part of 'U.S. territory.' Further, in a supposedly AI-generated map shared by Trump, Canada and Venezuela are shown as U.S. territories.
Reportedly, U.S.-Canada North American Aerospace Defense Command (NORAD) aircraft is heading to Greenland to land at Pituffik Space Base.
The main session of the WEF began on Monday. The annual meeting is set to wrap up on January 23. Trump is expected to deliver a keynote address on Wednesday.
Earlier, Trump threatened to impose 10% tariffs from February 1 (with the chances of increasing to 25% by June) on eight European countries that refuse to align with the U.S. on the Greenland issue.
European Commission President Ursula von der Leyen warned that Trump's remarks are risking pushing U.S.-EU relations into a 'downward spiral.'
At the same time, she assured that the EU will deliver an 'unflinching' response to his threats. The EU chief announced that the EU bloc is readying a package to consolidate the Arctic security.
Earlier this month, Trump successfully directed U.S. forces to capture the president of Venezuela Nicolas Maduro and now has 'virtually' taken control of its oil industry.
Experts are concerned that Trump may adventure something similar in Greenland.
In the ongoing Russia-Ukraine war, Russia launched ballistic missiles targeting Ukraine's capital Kyiv and a barrage of drone attacks on key energy infrastructure installations.
Ukraine's President Volodymyr Zelenskyy stated that he is expecting to sign documents with the U.S. on post-war security guarantees on the U.S. peace proposal to end the war, while Ukraine's top military commander announced that Russia is not indicating any visible sign of interest in peace talks.
In the Middle East, a U.S.-based Human Rights agency reported that over 4,000 have been killed in the recent protests that began on December 28 against the clerical regime in Iran.
Earlier, Trump warned Iran of military strikes if the government unleashed violence against demonstrators but later retreated, stating that he had confirmed reports that the 'killings have stopped.'
Reports are indicating that the U.S. is consolidating forces at Diego Garcia military base in the Indian Ocean, keeping U.S.-Iran conflict tensions alive.
In the U.S., data released by the Automatic Data Processing today revealed that private employers added an average of 8,000 jobs per week for the four weeks ending December 27, down from an average gain of 11,250 in the previous period.
The U.S. dollar index was last seen trading at 98.49, down by (0.91%) today.
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