#黄金白银再创新高

According to Xinhua News Agency in New York on January 20, ( Reporter Xu Jing ) reported that amid escalating geopolitical tensions and heightened market risk aversion, spot gold as well as gold and silver futures prices surged significantly on the 20th, reaching new all-time highs.

On that day, the February gold futures price on the New York Mercantile Exchange and the London spot gold price both temporarily broke through the $4,800 per ounce mark. Over the past 12 months, gold prices have increased by more than 78%; the March silver futures price temporarily surpassed $95 per ounce, rising over 230% since early 2025.

U.S. President Trump posted on social media on the 17th, announcing that the U.S. will impose a 10% tariff on goods imported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland starting February 1. The tariff rate will be increased to 25% from June 1 until the relevant parties reach an agreement on the U.S. "comprehensive and thorough purchase of Greenland." On the 19th, after learning that French President Macron was not interested in joining the U.S.-led oversight of the post-war transitional governance of Gaza, Trump threatened to impose a 200% tariff on French wine and champagne.

Multiple EU countries are considering imposing tariffs on U.S. goods worth 93 billion euros. Additionally, the upcoming Supreme Court ruling on the legality of large-scale tariffs has further intensified the current tense situation.

Trump's imposition of "island seizure" tariffs on European allies has caused market concerns over the Federal Reserve's independence and monetary policy trajectory. Analysts at BNP Paribas believe these two key uncertainties will continue to drive gold prices to new highs.

BNP Paribas expects silver prices to soon reach $100 per ounce. However, as physical shortages driving the 2025 silver price increase improve, silver prices are expected to undergo a correction. Moreover, the current trading volume in the silver market is relatively small, and once some speculative funds start to take profits, prices are likely to experience a sharp pullback.