The start of the week saw prices of silver and gold reach new highs even as global share prices fell as investors responded to a renewed tariff threat from US President Donald Trump. Gold prices hit $4,689.39 per ounce while silver also surged, peaking at $94.08 per ounce.
In contrast, European stock markets declined, reflecting growing concern among investors about escalating geopolitical risks.
In his announcement, Trump revealed plans to introduce a 10% tariff on imports from Finland, the Netherlands, the UK, Germany, France, Sweden, Denmark, and Norway from Feb. 1. He added that the levy could increase to 25% and would remain in place until an agreement regarding Greenland was secured.
According to reports, the European Union is weighing up retaliatory measures that could include tariffs worth £80 billion ($107.4bn) on goods imported from the United States. Fears surrounding the dispute over Greenland have further pushed investors towards so-called safe-haven assets, driving gold and silver prices higher once again.
In 2025, gold surged by more than 60%, fuelled in part by anxiety over wider economic uncertainty and geopolitical instability. However, analysts note that several other factors have also supported the rally, such as expectations of further interest rate cuts and central banks significantly increasing their gold holdings. In silver’s case, prices have also been boosted by China’s decision to impose limits on exports of the metal.
Wealth Club’s chief investment strategist Susannah Streeter explained that gold had reached new all-time highs during its remarkable upward momentum. She noted that its appeal as a safe-haven asset had strengthened as concerns grow over the consequences of America’s increasingly aggressive trade stance and geopolitical strategy.
Despite the continued surge in gold and silver, equity markets struggled. In London, the FTSE 100 finished nearly 0.4% lower, while the more domestically oriented FTSE 250 dropped by 0.9%. Losses were seen across a range of financial and industrial companies, although shares in gold producers Endeavour and Fresnillo moved higher, supported by the latest gains in precious metal prices.
Elsewhere in Europe, stocks in the automotive, technology and luxury sectors fell sharply. France’s Cac 40 weakened, closing 1.8% lower, as major luxury groups such as Hermès and LVMH came under pressure. Germany’s Dax index also declined by 1.3%, with carmakers Volkswagen, Mercedes-Benz, and BMW each sliding by over 2%.
In contrast, defense-related stocks across Europe advanced, as France’s Thales and Germany’s Rheinmetall saw their share prices rise. If precious metals continue their ascent, entities like Numa Numa Resources Inc. could see a major uptick in investor interest as more people seek to benefit from the momentum that gold is enjoying.
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