Muscat: Gold traded near record highs today, as US President Donald Trump's threats to acquire Greenland soured global sentiment and sparked a rush into safe-haven assets. Spot gold hit a new record high of $4,700.28 per ounce, while US gold futures for February delivery climbed 1.8% to $4,676.80 per ounce. Spot silver fell 1.2% to $93.53 an ounce, after hitting a record high of $94.72 earlier in the session. In other precious metals, spot platinum fell 0.6% to $2,359.45 per ounce, while palladium dropped 1.3% to $1,817.44.

According to Oman News Agency, the surge in gold prices reflects investor concerns over geopolitical tensions and economic uncertainties. The financial markets reacted to President Trump's remarks regarding Greenland, which heightened fears of potential diplomatic conflicts. As a result, investors sought refuge in gold, traditionally seen as a safe asset during times of political and economic instability.

The fluctuations in other precious metals, such as silver, platinum, and palladium, indicate varied investor reactions to the current global economic climate. Silver experienced a decline after reaching a record high, while both platinum and palladium saw decreases in their trading values. These movements highlight the complex dynamics within the precious metals market as investors reassess their strategies in response to shifting geopolitical narratives.