Gold and silver jumped to record highs as President Donald Trump’s intensifying push to take Greenland spurred fears of a damaging trade war between the US and Europe.
Trump said he would slap tariffs on eight European nations - including France, Germany and the UK - that have opposed his plan to acquire Greenland.
The 10 per cent levy will kick in on February 1 and rise to 25 per cent in June. The move supported haven demand for precious metals.
European leaders will hold an emergency meeting in the coming days as they explore possible counter-measures. Member states are discussing several options for how to respond, including imposing retaliatory levies on $US108 billion ($161b) of US goods, according to people familiar with the talks.
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