International gold and silver prices surged in unison, reaching new historic peaks.
On January 19, the spot price of gold in London soared to a high of $4,690 per ounce, marking an increase of over 2% and setting a fresh all-time record.
Spot silver prices skyrocketed concurrently, briefly breaking through the $94 per ounce barrier with a gain exceeding 4%, also achieving a new historic high.
The price of gold jewelry remained persistently high. As of the latest update, Chow Tai Fook's pure gold jewelry was quoted at 1,436 yuan per gram, while Chow Sang Sang's price stood at 1,429 yuan per gram, both maintaining elevated levels seen in recent periods.
Recent global geopolitical tensions have continued to intensify. Analysts attribute the significant rise in gold and silver prices primarily to investor anxiety over geopolitical uncertainties, positioning gold as the preferred safe-haven asset.
Former US President Donald Trump recently issued a statement via social media announcing new measures to acquire control over Greenland. Specifically, Trump stated that a 10% tariff would be imposed on imports from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland starting February 1, with an increase to 25% from June 1, pending an agreement for the US to comprehensively and thoroughly purchase Greenland.
Analysts note that in response to the escalation of US tariff threats, eight nations—Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the UK—issued a joint statement on the 18th, asserting that such tariff impositions would undermine transatlantic relations and potentially trigger a dangerous cycle of retaliation. The resulting trade friction has again attracted safe-haven capital into the gold market, providing strong upward momentum for prices.
Furthermore, analysts believe economic data also influences the precious metals market. Previously released US consumer inflation data reinforced market expectations for the Federal Reserve to implement one or two interest rate cuts this year, creating room for gold bulls to advance. While a rate cut in January appears unlikely, traders have already priced in expectations for at least two cuts between March and December 2026.
