Gold Soars Past $4,800: How Trump’s Policies and Greenland Crisis Drive Prices to New Heights
Дмитро Ковальський | Dmytro Kovalskyi
2 min read
The global precious metals market is in turmoil: the spot price of gold today broke through the psychologically critical barrier of $4,800 per troy ounce, reaching an all-time historical high of $4,843.67. Quotes continue to hold at an unprecedented level—around $4,821.26. For European and Asian investors, this surge underscores gold’s role as the ultimate safe haven during geopolitical storms, highlighting the urgency of portfolio diversification.
Analysts directly link the explosive growth to the geopolitical crisis surrounding Greenland and a flight of investors from the US dollar. Details are in the report.
Record Numbers: What the Trading Shows
The current surge is a continuation of a powerful trend that began in late December 2025. At that time, gold was showing its best annual performance in four decades. Yesterday, January 20, the $4,700 level was taken, and today, as reported by Reuters, the next key milestone was breached. February delivery gold futures also hit a record, trading at $4,813.50.
The Main Reason: “A Loss of Trust in the US”
Experts have no doubt about the main driver of the rally. Kyle Rodda, Senior Market Analyst at Capital.com, provides a comprehensive comment:
“This is a loss of trust in the US, driven by US President Donald Trump’s steps to impose tariffs against Europe and increased pressure in an attempt to seize Greenland. The rise in gold prices reflects fears of global geopolitical tension.”
According to Rodda, investors are massively shedding dollar-denominated assets, primarily long-term US Treasury bonds, and moving capital into the classic defensive asset—gold. The resulting weakening of the dollar creates an additional effect: for buyers from other countries who convert their currency into dollars, gold becomes relatively cheaper, stimulating additional demand.
What’s Happening with Other Metals and What It Means for the Global Investor
In the shadow of gold, other precious metals are showing a correction after recent rallies. Silver fell 1% to $93.59 per ounce, platinum fell 0.7% to $2,445.96, and palladium fell 0.5% to $1,857.19.
For a global investor, the situation carries several signals:
- First, it is a clear indicator that global capital assesses current geopolitical risks as extremely high.
- Second, it highlights the critical importance of hedging against currency devaluation and sovereign risk.
- Third, it is a reminder of the paramount importance of diversifying an investment portfolio during unstable times.
When even the US dollar is losing trust, the question of including defensive assets, be it physical gold or gold-linked instruments, moves to the forefront.
What’s Next?
As the Trump administration continues its hardline foreign policy and markets assess the consequences of trade wars and territorial disputes, gold is likely to remain in investors’ focus.
The next symbolic target for the “bulls” in the market could well be the $5,000 per ounce level—something that seemed fantastic just recently. In the coming days, any news regarding US-EU negotiations on Greenland and tariffs will be key.
*Exchange rate as of 21.01.2026: ~1 USD ≈ 44.30 UAH. The calculation of the ounce price is approximate.
