Gold hits record high near $4,700

February gold futures climbed 1.75% to $4,676 an ounce

Gold and silver prices surged to fresh record highs as investors flocked to safe-haven assets amid rising geopolitical tensions, after US President Donald Trump threatened to impose additional tariffs on European countries over a dispute involving Greenland.

During Monday trading, February gold futures climbed 1.75%, or $80.6, to $4,676 an ounce, after touching $4,698, the highest level ever for the most active contract.

March silver futures jumped 5.3% to $93.24 an ounce, after hitting a record high of $94.365.

Spot gold rose 1.6% to $4,669.15 an ounce, having earlier touched a record $4,689.39, while spot silver gained about 3.5% to $93.29 an ounce after topping $94 for the first time.

Meanwhile, the dollar index, which tracks the US currency against a basket of six major peers, slipped 0.25% to 99.16 by 0901 GMT.

Spot platinum edged up 0.3% to $2,347.89 an ounce, while palladium fell about 0.5% to $1,794.30.

EU diplomats said bloc ambassadors reached a preliminary agreement on Sunday to step up efforts to dissuade Trump from imposing tariffs on European allies, while preparing retaliatory measures if the levies are implemented, Reuters reported.