Gold Hits $4,700 as Bitcoin Slips Below $92,000 on Tariff Fears

Gold just smashed another record and the market mood has flipped fast. On January 20, spot gold surged to a new all time high of $4,697 per ounce. As global investors rushed into safe assets. The trigger was rising trade war fears after President Trump renewed tariff threats. Which linked to a controversial push to acquire Greenland. 

At the same time, Bitcoin slipped below $92K. It shows a clear split between traditional safe havens and high risk assets. When fear enters the chat gold still wears the crown.

Gold Breaks $4,700 as Markets Turn Risk-Off

Gold touched $4,697 per ounce in spot trading and futures briefly traded above $4.7K. This marks the strongest rally of 2026 so far. The price jumped more than 2% in a single session as traders rushed for safety.

JUST IN: Spot gold hits new all-time high of $4,697 per ounce. pic.twitter.com/Jr0GLrb3QS

— Whale Insider (@WhaleInsider) January 20, 2026

The U.S. dollar weakened, European stocks fell and global risk appetite cooled. In contrast, crypto prices slid with Bitcoin dropping below $92K as traders locked in profits and moved into safer assets. Silver also stayed near record highs above $90 per ounce. Confirming a full blown precious metals rally. When geopolitics heats up, gold usually moves first. This time was no different.

Trump’s Greenland Ultimatum Sparks Trade War Fears

The rally started after President Trump renewed his demand for U.S. control of Greenland, citing national security and Arctic dominance. When European leaders pushed back, Trump responded with tariff threats. He warned of 10% tariffs starting February 1 on imports from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland. If no deal is reached tariffs could rise to 25% by June.

European officials called the move “economic blackmail.” They are preparing retaliation on up to €93 billion worth of U.S. goods. That raises the risk of a new transatlantic trade war just as global growth is already slowing. Markets hate uncertainty but gold loves it.

Safe Haven Rush Sends Precious Metals Flying

With trade tensions rising, investors ran for cover. Gold is up nearly 80% over the past year and already more than 8% in 2026 alone. Central banks continue buying. ETF inflows remain strong and inflation fears are still alive after years of heavy money printing.

Silver joined the party too, driven by safe haven demand and massive industrial use from solar panels, EVs and data centers. Meanwhile, Bitcoin and stocks moved lower as traders reduced risk exposure. Crypto is still seen as a high volatility asset, while gold remains the classic crisis hedge.

Why Gold Is Dominating the 2026 Market

Gold’s rally is not just about tariffs. It reflects a bigger trend. Global politics remain tense. Debt levels are exploding. Central banks are quietly stacking gold and investors want protection from currency weakness and inflation.

This is the same pattern seen during past crises. In 2022, gold surged after the Ukraine invasion. In past trade wars gold spiked as well. History shows these rallies can cool if tensions ease. Analysts warn gold could correct 20-30% if diplomacy returns. But for now, fear is winning.

What Investors Are Watching Next

Short term, volatility is here to stay. Any new tariff moves or retaliation could send gold even higher. Longer term, markets will watch the U.S. dollar and Fed policy. Also, whether Europe and the U.S. find common ground. For now, the message is clear. When the world feels unstable, gold still feels like home and Bitcoin? It’s still riding the risk train.