A resurgence of geopolitical uncertainty following former U.S. President Donald Trump's renewed remarks about reclaiming Greenland pushed gold to a new all-time high. The rally in XAU/USD coincided with a flight to safety across global markets, impacting equities and currencies.
- Gold reached a record $2,438.60 per ounce on January 19, 2026
- XAU/USD surged 2.1% in initial trading hours
- GLD ETF saw $1.3 billion in inflows within 90 minutes
- S&P 500 declined 1.4% amid risk-off sentiment
- USD/JPY dropped 1.1% as investors favored Japanese yen
- Trump's Greenland remarks triggered a broad flight to safety
Gold prices reached a record $2,438.60 per ounce in early Asian trading on January 19, 2026, driven by escalating rhetoric from Donald Trump, who reiterated his longstanding interest in Greenland during a public address in New York. The comments, amplified by social media and financial news outlets, triggered a sharp reassessment of global risk exposure. The spike in gold’s value reflects heightened demand for safe-haven assets amid growing concerns over U.S. foreign policy unpredictability. The XAU/USD benchmark rose 2.1% in the first hour of trading, marking the highest level since records began. The GLD exchange-traded fund, tracking physical gold, saw inflows of $1.3 billion within 90 minutes, signaling strong institutional interest. The broader market reacted with volatility. The S&P 500 dropped 1.4%, while the USD/JPY tumbled 1.1% as investors sought refuge in the Japanese yen. The move underscores how geopolitical signals can rapidly shift capital flows across asset classes, especially in low-volatility environments where risk appetite is fragile. The rally in gold highlights the market’s sensitivity to political uncertainty, particularly when linked to major powers and strategic territories. With Greenland’s mineral wealth and strategic location in the Arctic drawing increasing attention, any suggestion of U.S. territorial ambition amplifies global security concerns.