FX.co ★ Gold Crosses $5000 for the First Time

On Monday, gold surpassed the $5,000 mark per ounce for the first time, continuing its unprecedented ascent fueled by heightened safe-haven demand in the face of trade and geopolitical tensions. Over the weekend, President Donald Trump announced plans for the United States to assert sovereignty over regions of Greenland hosting American military bases, a declaration that unsettled markets shortly after he retracted threats of imposing additional tariffs on several European nations. Compounding the market's anxiety, Trump cautioned Canada that all its exports to the U.S. might be subjected to 100% tariffs if Ottawa proceeds with finalizing a trade agreement with China. This warning followed Canadian Prime Minister Mark Carney's announcement of a preliminary agreement with China aimed at reducing tariffs on bilateral trade. Meanwhile, Ukraine and Russia completed another round of talks facilitated by the U.S. without reaching a resolution, although there are indications that further negotiations might resume next weekend.