
Gold prices climbed to a new record of $4,691 in early Asian trading, supported by a surge in safe-haven demand after U.S. President Donald Trump announced 10% tariffs on eight European countries opposing his plan to acquire Greenland.
The tariff threat, set to begin February 1, raised fears of European retaliation, prompting investors to move into defensive assets such as gold.
Crude oil remains supported above key levels amid Middle East tensions, with Brent trading above $63 a barrel and WTI trading at $59.00. Gold stays strong trading above $4,680, while silver looks bullish as it traded above $94 an ounce.
China’s economic growth slowed to 4.5% in Q4, its weakest pace in nearly three years, as domestic demand and investment weakened amid a prolonged property slump. Despite the slowdown, full-year GDP growth hit 5%.
December data showed soft consumption, with retail sales rising just 0.9%, while fixed-asset investment fell 3.8% in 2025, led by a sharp 17.2% drop in property investment. Manufacturing held up better, with industrial output rising 5.2%, and unemployment stayed at 5.1%.
The Dollar Index is consolidating between 99.00–99.50, with EUR/USD being vulnerable to further declines. The US market is closed for the holiday, with attention on the impact of Trump’s Greenland-related tariffs.
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