Gold Hits Unthinkable $4,730 An Ounce As Investors Flee Global Chaos-Is Greenland The Hidden Trigger Behind The Rush?

Gold prices extended an unstoppable rally on Monday, hitting unprecedented all-time highs above $4,730 an ounce. The surge is being driven by intense safe-haven buying amid escalated geopolitical tensions and a looming trade war between the United States and Europe over Greenland.

The Greenland Catalyst

The primary driver for bullion's latest ascent is rapidly deteriorating “geo-economics,” according to Mohamed A. El-Erian.

Tensions flared following U.S. President Donald Trump's warning of additional tariffs on specific European countries stemming from a dispute over control of Greenland.

Rahul Kalantri, VP Commodities at Mehta Equities Ltd., noted that Denmark's decision to increase its military presence in the region has further fueled “risk-off sentiment,” pushing investors toward traditional safety nets.

Kalantri added that the World Economic Forum's Global Risks Report, indicating that nearly 50% of members expect a turbulent global environment over the next two years, has strengthened the case for precious metals.

Technical Breakout And Outlook

The price action has been relentless. Bloomberg's Lisa Abramowicz noted that gold is already up 9% in the first three weeks of 2026 and an astonishing 75% over the past year. During the publication of this article Gold Spot US Dollar rose 0.96% to hover around $4,723.72 per ounce. Its last record high stood at $4,737.45 per ounce.

Market experts anticipate further gains locally. Rashad Hajiyev, Founder of RM Capital Consulting, highlighted that gold has broken out of a rising three-month channel with a “breakaway gap.”

Based on this technical setup, Hajiyev stated, “I am expecting a strong surge this week supported by miners.” Kalantri identifies immediate resistance between $4,720 and $4,760.

Here’s a list of a few gold and gold mining ETFs that investors could consider.

Silver Shines Alongside Gold

The rally is not limited to gold. Silver has also experienced significant buying pressure.

According to Josh Philip Phair, the Founder and CEO of The Wyoming Reserve Opportunity Zone Fund Corporation, Silver has flipped Nvidia Corp. (NASDAQ:NVDA) to become the second most valuable asset in the world by market capitalization, now standing at $5.287 trillion, trailing only gold itself.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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