Gold Rises as Trump Reiterates Greenland Acquisition Push

Gold prices climb amid renewed geopolitical tension as former President Donald Trump publicly reaffirms his interest in acquiring Greenland, sparking market volatility on January 21, 2026. Spot gold advanced 1.7% to $2,085 per ounce, its highest level in three weeks, as investors sought safe-haven assets following Trump’s comments during a campaign rally in Iowa. He stated, “Greenland is strategic, it’s vast, and frankly, the U.S. should own it,” reiterating a previously floated idea from his first term. The Danish government swiftly rejected the notion, calling it "unrealistic and inappropriate," while analysts warn of escalating transatlantic friction. The dollar weakened 0.4% against major currencies, amplifying gold’s appeal. ETF holdings backed by gold rose for the third consecutive session, signaling sustained institutional demand. Market focus now turns to upcoming Fed commentary for clues on interest rate direction, which could influence gold’s momentum.