Gold and silver prices rose to new record levels on Monday after US President Donald Trump threatened new tariffs on European countries.
Spot gold touched an all-time high of $4,689.39 earlier in the session before cooling off to $4,666 per ounce.
US gold futures for February gained 1.7 percent to $4,671.40 per ounce.
Trump warned over the weekend that the United States would impose escalating tariffs on European allies unless it is allowed to buy Greenland. EU ambassadors are preparing retaliatory measures if the tariffs are implemented, several foreign newspapers reported.
Meanwhile, silver posted stronger gains. Spot prices jumped up 4 percent to $93.50 per ounce after hitting a record high of $94.08.
Silver was supported by supply shortages, industrial demand and safe-haven buying, though some warned the pace of gains could cause volatility in the coming weeks.
Among other precious metals, platinum rose 1.1 percent to $2,353.25 per ounce, while palladium edged up 0.2 percent to $1,804.06.
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