AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/20/2026: Gold, silver surged to new records

Source: Bill Musgrave, American Gold Exchange

Austin — With US markets reopening after the MLK holiday, New York spot gold surged 3.7% to close at a new all-time high near $4,760 as global investors shed US assets in search of safety following President Trump's ultimatum about Greenland. Silver rocketed 7% higher to finish at $94.21, also a new record high.

To forcibly obtain Greenland, Trump has threatened eight EU nations with 10% tariffs if they continue to support the arctic island in its resistance to becoming US property. The new tariffs take effect on February 1, and escalate to 25% on June 1.

The aggressive move threatens the continued viability of NATO. The target nations are all NATO members and US allies. Greenland is a constituent country within the Kingdom of Denmark, a NATO founding member, and therefore covered by NATO's security guarantees.

Trump's reigniting of trade wars with Europe over the EU's unwillingness to violate the sovereignty of Denmark and Greenland has investors running for cover, shedding US assets. Gold and silver are widely seen as currencies of last resort during times of economic and political uncertainty.

Benchmark 10-year Treasurys sold off, pushing yields higher, as investors questioned the safety of US government debt. Typically, rising yields pressure gold by increasing the opportunity cost for holding it instead of bonds for safety. But the current situation is by no means typical.

Platinum rose 5.5% while palladium fell 1.3%.

At the New York spot close: gold gained $171.20 to $4,759.60; silver jumped $6.12 to $94.21; platinum picked up $127.70 to $2,431.50; and palladium fell $23.85 to $1,863.05 an ounce.