Gold jumped past $4,700 per ounce for the ‌first time on Tuesday, while silver traded near a record high, as US President Donald Trump's threats to slap extra tariffs on European allies soured global sentiment and sparked a rush into safe-haven assets.

Spot gold gained 0.7% to $4,699.93 per ounce by 0514 GMT, having hit an ‌all-time high of $4,701.23 earlier. US gold futures for February delivery climbed 2.4% to $4,706.50 per ounce.

Spot silver fell 0.4% to $94.27 an ounce, after hitting a record high of $94.72 earlier in the session.

Trump has intensified his push to wrest sovereignty over Greenland from ‍fellow NATO member Denmark, prompting the European Union to weigh hitting back with its own measures.

"Trump's 'disruptive' policy approach to international affairs and desire to see lower interest rates suit precious metals very well, ⁠as reflected by gold and silver's rampant run," said Tim Waterer, KCM Trade's chief ‍market analyst.

"Trump's second term thus far has been a boon for precious metals, with his unconventional ‌approach ‌to politics playing into the hands of gold and silver."

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Gold prices have rallied more than 70% since Trump began his second term a year ago.

On Tuesday, gold also found support as concerns lingered around the Federal Reserve's independence with the US Supreme Court this ⁠week expected to hear ⁠a case around Trump's attempt to fire Fed Governor Lisa Cook.

The Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump's calls for cuts. Gold, which does not yield interest, ‍typically performs well during periods of low interest rates.

Kelvin Wong, a senior market analyst at OANDA, expects the Fed to continue its rate-cut cycle into 2026, citing a sluggish labour market and lacklustre consumer sentiment, with the next reduction now being priced ‍further down the calendar in either June or July.

Among other precious metals, spot platinum slid 0.8% to $2,355.60 an ounce, while palladium dropped 0.7% to $1,828.58.