Gold prices hit a new high at $4,700

The price of an ounce of gold exceeded $4,700 during early trading on Tuesday, recording a new historical high, driven by increased demand for safe havens following statements by US President Donald Trump in which he announced his intention to impose tariffs of 200% on French goods, in addition to his talk that European leaders would not strongly oppose his attempt to buy Greenland.

The rise in gold occurred amid increasing geopolitical and trade tensions, prompting investors to hedge against market risks. This was a time when the dollar and stocks were under pressure, coinciding with renewed fears of a widening trade war between the United States and Europe.

US President Donald Trump’s push to acquire Greenland by threatening additional tariffs – a move that could escalate trade tensions with Europe – has created uncertainty in the markets, prompting investors to rush to safe havens, including the Swiss franc and gold.

These tensions have revived the phenomenon known as 'selling America,' which emerged after the imposition of sweeping tariffs on 'Liberation Day' last April, where investors sell off US stocks, the dollar, and Treasury bonds.
This strategy appears to be gaining momentum during Asian trading on Tuesday.