Mon, 19 Jan 2026

Mon, 19 Jan 2026 Gold and silver prices hit high after tariff threat

Donald Trump's plan to impose import taxes over Greenland pushed investors toward precious metals.
Gold and silver prices surged to record highs, while stock markets in Europe plummeted due to rising geopolitical tensions. The price of gold reached $4,689.39 (£3,499) per ounce, while silver rose to $94.08 an ounce. Investors flocked to precious metals as a safe haven from uncertainty. US President Donald Trump's threat to impose fresh tariffs on eight European countries has triggered the latest increase in prices. The EU is reportedly considering responding with its own €93bn (£80bn) package of tariffs on US imports. Share prices, however, fell sharply, with London's FTSE 100 index down almost 0.4% and the FTSE 250 down 0.9%. Car manufacturers, tech firms, and luxury goods companies were among those hit hardest. European defence stocks rose in contrast, with Germany's Rheinmetall and France's Thales trading higher. The US Supreme Court is set to rule on whether Trump overstepped his authority by imposing some tariffs using the International Emergency Economic Powers Act. A decision could come as soon as Tuesday. Trade tensions are a major risk to global economic growth, according to the International Monetary Fund (IMF). The IMF forecast described the global economy as "steady", but warned of risks including an end to the AI boom and a flare-up in trade tensions.
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