Gold surged past $4,700 an ounce for the first time on Tuesday as investors moved into safe-haven assets amid renewed trade-war fears.

Spot gold rose 1.2% to $4,726.86 per ounce by 1131 GMT after touching an all-time high of $4,737.10.

U.S. gold futures for February delivery climbed 3% to $4,732.60/oz.

Tariff threat lifts demand for safety

U.S. President Donald Trump threatened to impose escalating tariffs from Feb. 1 on eight European countries until the U.S. is allowed to buy Greenland, according to the report.

UBS analyst Giovanni Staunovo said the rally is being driven by growth concerns tied to tariff threats and expectations Trump wants lower U.S. interest rates.

Staunovo said:

“Growth concerns driven by threats of additional tariffs and the desire of Trump to have lower U.S. interest rates are the drivers pushing gold to a new record high.”

Rally accelerates in early 2026

Gold has gained 9.6% in the first 20 days of 2026 and is up more than 70% since Trump’s second term began a year ago.

Reuters said geopolitical tensions, expectations of monetary policy easing, strong central bank buying, and ETF inflows have contributed to the move.

Fed case in focus

Investors are also awaiting a decision in a U.S. Supreme Court case over Trump’s attempts to fire Fed Governor Lisa Cook.

Reuters said the case could, in an extreme outcome, erode the central bank’s independence.