XAU/USD Alert – Gold shines as Greenland tariff talk shakes markets
Gold just rewrote the highs again. A fresh wave of Greenland-linked tariff headlines flipped the market into risk-off mode, sending traders back to safe havens as XAU/USD momentum accelerated.
Gold surged on renewed geopolitical and trade tension after U.S. President Donald Trump threatened new tariffs tied to his push to acquire Greenland, pushing spot gold up to around $4,667/oz and briefly printing a new all time high near $4,690/oz in the session, with the U.S. Gold futures also hit fresh peaks.
Source: Followme's "Markets" feature
The Greenland Tariff Shock:
The catalyst was a weekend headline that quickly flipped risk sentiment: Trump said he would impose 10% tariffs from Feb 1st, with a step up to 25% by June if no agreement is reached, targeting eight European nations that oppose the Greenland plan. That kind of timeline creates a “countdown” effect that markets tend to price in aggressively, especially when it raises the odds of a broader transatlantic trade dispute.
Why This Matters to Forex and Copy Traders
For XAU/USD traders, this is a classic two-engine rally setup: The risk-off positioning that favors defensive assets, and policy expectations that can weaken real yields, both of which tend to support gold. For copy traders, the key is that headline-driven flows can overpower clean technicals in the short run, meaning entries, spreads, and slippage matter more than usual when the news cycle accelerates.
Beyond geopolitics, gold has also been rising, growing expectations that the Fed could ease later this year as inflation cools and data softens, reducing the opportunity cost of holding non-yielding metals. This backdrop helps explain why dips have been getting bought quickly and why breakouts have been sticking.
Beyond geopolitics, gold has also been rising, growing expectations that the Fed could ease later this year as inflation cools and data softens, reducing the opportunity cost of holding non-yielding metals. This backdrop helps explain why dips have been getting bought quickly and why breakouts have been sticking.
Metals Are Moving as a “Physical Assets” Trade:
The rally has not been isolated to gold. Silver also hits record territory and remains especially volatile because it trades like both a haven and an industrial metal at the same time, while platinum jumped as investors leaned further into hard assets. Copper also stayed supported after China reported 5% GDP growth in 2025, reinforcing the idea that demand may hold up better than feared.
The rally has not been isolated to gold. Silver also hits record territory and remains especially volatile because it trades like both a haven and an industrial metal at the same time, while platinum jumped as investors leaned further into hard assets. Copper also stayed supported after China reported 5% GDP growth in 2025, reinforcing the idea that demand may hold up better than feared.
Key Events This Week That Could Shake Gold Prices:
There are several scheduled events this week that can reprice gold, mainly through the USD and rate-cut expectations:
1. Thursday, Jan 22 (8:30 a.m. ET): PCE inflation, plus GDP, personal income and spending, plus jobless claims
If PCE (especially Core PCE) comes in softer, it can strengthen the “Fed cuts later this year” narrative, pull real yields lower, and keep gold supported. If the data prints hotter than expected, the market may price fewer cuts, lift the USD and yields, and trigger profit-taking in gold, especially after a strong rally.
2. Friday, Jan 23: S&P Global Flash PMIs and University of Michigan Consumer Sentiment
These releases can shift risk mood quickly. Weaker PMI or sentiment readings often boost gold via growth concerns and a softer USD, while upside surprises can favor a stronger USD, higher yields, and create downside pressure on metals.
1. Thursday, Jan 22 (8:30 a.m. ET): PCE inflation, plus GDP, personal income and spending, plus jobless claims
If PCE (especially Core PCE) comes in softer, it can strengthen the “Fed cuts later this year” narrative, pull real yields lower, and keep gold supported. If the data prints hotter than expected, the market may price fewer cuts, lift the USD and yields, and trigger profit-taking in gold, especially after a strong rally.
2. Friday, Jan 23: S&P Global Flash PMIs and University of Michigan Consumer Sentiment
These releases can shift risk mood quickly. Weaker PMI or sentiment readings often boost gold via growth concerns and a softer USD, while upside surprises can favor a stronger USD, higher yields, and create downside pressure on metals.
If you are running or following strategies, this is the kind of week where process beats prediction: Tighten risk limits around major data windows, watch position concentration (Many portfolios are unknowingly long “risk-off” in multiple ways), and be cautious chasing breakouts right after a headline spike when spreads and volatility are elevated.
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