Precious metals rallied sharply to record levels as global markets reacted to escalating trade tensions involving Greenland, triggering safe-haven demand. Gold hit $2,450 per ounce, while silver reached $32.75, marking new benchmarks.
- Gold reached $2,450 per ounce, a new record high
- Silver rose to $32.75 per ounce, its highest level ever
- Gold futures gained 2.8% in a single day
- Silver futures jumped 4.1%, their largest daily increase in over a year
- ETF gold holdings rose by 230 metric tons in one week
- Silver open interest increased by 18% over 48 hours
Gold prices climbed to a new peak of $2,450 per ounce on January 18, 2026, while silver surged to $32.75 per ounce, both surpassing previous records amid heightened geopolitical uncertainty. The spike followed unconfirmed reports of potential tariffs on critical mineral exports from Greenland, a strategic Arctic territory with vast reserves of rare earth elements and uranium. Though no official policy was enacted, market participants interpreted the speculation as a signal of broader trade fragmentation in high-latitude resource supply chains. The rally reflects growing investor concern over supply chain disruptions in strategically important minerals. Gold futures on the COMEX exchange rose 2.8% in a single session, while silver futures jumped 4.1%, both registering their largest daily gains in over a year. These movements were amplified by a 12% drop in equities within the mining and materials sector, as investors shifted capital toward non-correlated assets. The metals' performance coincided with a 1.6% increase in the U.S. dollar index, suggesting that safe-haven demand outweighed currency strength. Meanwhile, ETF holdings of gold rose by 230 metric tons over the past week, indicating institutional positioning for continued volatility. The surge also influenced futures markets, with silver's open interest increasing by 18% in 48 hours. Market analysts note that Greenland’s strategic importance has intensified in recent years due to its role in green energy infrastructure. The territory’s untapped resources are central to global decarbonization efforts, making any policy shift a potential trigger for broader commodity re-pricing. As a result, energy and mining companies with Arctic exposure saw stock volatility spike, with two major mining firms reporting 7% and 9% share price swings in after-hours trading.