Gold prices reach record high of about $4,700 per ounce

Gold and silver prices hit new records on January 19 amid increased demand for safe-haven assets due to the Greenland situation, Report informs via Interfax.

The spot price of gold rose 1.6% to $4,670.47 per ounce by 11:30 (GMT+4) today, while silver rose 3.4% to $93.1755 per ounce. During the session, gold prices rose to a record $4,690.59 per ounce, while silver reached $94.1213 per ounce.

Traders fear that increased pressure from US President Donald Trump, who is laying claim to Greenland, will trigger a major trade war between the US and Europe.