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Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
Gold traded near $5,000 an ounce and silver touched $100 as the U.S. dollar fell 1.9% in a week that included new Greenland-linked tariff plans targeting eight European countries.
Gold surged by more than 8% over the course of a week in late January 2026, pushing prices to just under $5,000 per troy ounce by the end of the period.
Silver also climbed sharply and moved above $100 per ounce during the same week.
The rally in precious metals coincided with a notable decline in the U.S. dollar, with widely tracked measures showing the dollar down about 1.9% over the week.
Over the same timeframe, policy developments tied to Greenland and U.S.-Europe trade relations were cited in market coverage as part of the broader backdrop for currency moves.
The Greenland-linked dispute centered on President Donald Trump’s stated plan to impose a 10% import tariff beginning February 1 on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland.
The stated schedule also included a step-up to a 25% tariff on June 1 if a deal was not in place for what Trump described as the “Complete and Total purchase of Greenland” by the United States.
In addition to the tariff timeline and the list of countries, public reporting around the episode included references to protests and public demonstrations in Greenland’s capital, Nuuk, with signs and slogans opposing a sale and supporting self-governance.
Separately, the Greenland prime minister, Jens-Frederik Nielsen, has been quoted in public coverage as telling people to prepare for the possibility of an invasion while also describing that outcome as unlikely, and describing plans for a government task force focused on preparedness.
Confirmed vs unclear: Confirmed details include gold rising by more than 8% over the week while trading near $5,000 per ounce, silver trading above $100 per ounce, and the U.S. dollar falling about 1.9% over the same week; also confirmed are Trump’s stated tariff timetable (10% from February 1 rising to 25% on June 1) and the eight named countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland) tied to the Greenland dispute.
What’s still unclear is the precise characterization of the gold move as the “best week since 2008,” because other contemporaneous market descriptions label it as the strongest weekly performance since a later year, while still describing a weekly gain of more than 8% and prices near $5,000.
Silver also climbed sharply and moved above $100 per ounce during the same week.
The rally in precious metals coincided with a notable decline in the U.S. dollar, with widely tracked measures showing the dollar down about 1.9% over the week.
Over the same timeframe, policy developments tied to Greenland and U.S.-Europe trade relations were cited in market coverage as part of the broader backdrop for currency moves.
The Greenland-linked dispute centered on President Donald Trump’s stated plan to impose a 10% import tariff beginning February 1 on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland.
The stated schedule also included a step-up to a 25% tariff on June 1 if a deal was not in place for what Trump described as the “Complete and Total purchase of Greenland” by the United States.
In addition to the tariff timeline and the list of countries, public reporting around the episode included references to protests and public demonstrations in Greenland’s capital, Nuuk, with signs and slogans opposing a sale and supporting self-governance.
Separately, the Greenland prime minister, Jens-Frederik Nielsen, has been quoted in public coverage as telling people to prepare for the possibility of an invasion while also describing that outcome as unlikely, and describing plans for a government task force focused on preparedness.
Confirmed vs unclear: Confirmed details include gold rising by more than 8% over the week while trading near $5,000 per ounce, silver trading above $100 per ounce, and the U.S. dollar falling about 1.9% over the same week; also confirmed are Trump’s stated tariff timetable (10% from February 1 rising to 25% on June 1) and the eight named countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland) tied to the Greenland dispute.
What’s still unclear is the precise characterization of the gold move as the “best week since 2008,” because other contemporaneous market descriptions label it as the strongest weekly performance since a later year, while still describing a weekly gain of more than 8% and prices near $5,000.
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