Gold Soars Past $4,800 Amid Escalating Transatlantic Tensions

(RTTNews) - Gold surged more than 2 percent to touch a new record high above $4,800 an ounce on Wednesday after the U.S. dollar suffered its biggest fall in over a month overnight on fears of offshore selling of U.S. assets - the so-called "Sell America" trade.

Danish pension fund AkademikerPension, which held about $100 million in U.S. Treasuries at the end of 2025, reportedly plans to exit U.S. Treasuries due to Trump's threats over Greenland, fiscal concerns and a weakening dollar.

Meanwhile, transatlantic tensions escalated and a jump in Japan's borrowing costs to all-time highs rippled through major bond markets, adding to economic uncertainty in financial markets.

Spot gold jumped 2.2 percent to $4,867.58 per ounce, while U.S. gold futures were up 2.1 percent at $4,867.60.

Bullion is extending a sharp rally for a third consecutive session as tensions over Greenland escalated.

U.S. President Donald Trump shared altered images on his social media platform, Truth Social, that depict Greenland, Canada and even Venezuela as part of the United States - reigniting tensions over his Arctic strategy and territorial ambitions.

Hours before his speech at the World Economic Forum, which he is attending for the first time in six years, Trump warned the Nato alliance that it was only as strong as the United States allowed it to be.

Trump said Tuesday that he would not travel to Paris for a proposed emergency meeting of the Group of Seven (G7) countries, citing doubts about French President Emmanuel Macron's political future.

The European Parliament is planning to suspend approval of the EU-U.S. trade deal agreed last July, with a formal announcement expected later in the day.

EU leaders are set to hold an emergency summit in Brussels Thursday, and the bloc has to overcome political divisions to retaliate.