International gold prices broke through $4,700 per ounce

Affected by factors such as tense trade relations between Europe and the United States, international gold prices hit a new record high on the 20th Beijing time, with both gold futures prices on the New York Mercantile Exchange and spot gold prices in London breaking through the $4,700 per ounce mark.

A Bloomberg article analyzed that the recent announcement by the United States of additional tariffs on European countries opposing the US acquisition of Greenland triggered continued turmoil in financial markets, driving investors to safe-haven assets.

On the 17th, US President Trump announced on social media that the United States would impose a 10% tariff on goods imported from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland starting February 1st. The tariff rate will increase to 25% from June 1st until the relevant parties reach an agreement on the “full and complete purchase of Greenland” by the United States.

According to a report by the Financial Times on the 18th, several EU countries are considering imposing tariffs on €93 billion worth of US goods imported into the EU, or restricting US companies’ access to the EU market, in retaliation for Trump’s tariffs on eight European countries in exchange for Greenland.

Furthermore, after learning on the 19th that French President Macron had no intention of joining the US-led so-called “peace commission” overseeing the post-war transition in the Gaza Strip, Trump threatened to impose a 200% tariff on French wine and champagne. This news also contributed to the rise in international gold prices.