Gold price hits new record above $4,700 as Trump tariff threat jolts markets
Spot gold jumped nearly 2% to $4,757.33 an ounce Tuesday, after touching a record $4,765.93, as Trump’s tariff threats on Europe over Greenland rattled markets. The dollar index slid almost 1% to 98.5, while the VIX volatility index spiked to 20.69. U.S. gold futures closed up 3.7% at $4,765.80. Traders are now pricing in two Fed rate cuts starting mid-2026.