Gold surged past $4,700 an ounce to a record high on Tuesday, while silver also reached an all-time peak, as escalating tensions between the United States and Europe over Greenland triggered a rush into safe-haven assets.

The rally followed President Donald Trump’s renewed push to take control of Greenland, a move that has alarmed European leaders and raised fears of a potential US–Europe trade war. Markets are now watching closely for Europe’s response after Trump threatened to impose tariffs on eight European nations opposing his ambitions.

Geopolitical uncertainty revived the so-called “Sell America” trade, weakening confidence in US assets and boosting demand for precious metals. Gold climbed 1% to around $4,716 an ounce in Asian trading, briefly touching a record $4,717.78, while silver earlier hit a historic high near $94.73.

Analysts say the Greenland dispute has intensified an already powerful rally in metals, fueled by rising geopolitical risk, concerns over central bank independence and growing skepticism toward traditional financial assets.

Additional support came from renewed political pressure on the Federal Reserve, reviving worries about the independence of US monetary policy. Investors are also monitoring an upcoming US Supreme Court hearing related to Trump’s attempt to remove a Fed governor, which could further unsettle markets.

With platinum and palladium also advancing, strategists warn that precious metals may remain volatile but well supported as geopolitical and policy risks continue to mount.