Gold jumped to a record high as Asia-Pacific markets slid Wednesday, with investors seeking safe havens after U.S. President Donald Trump threatened fresh tariffs on countries resisting the transfer of Greenland to the United States.
In Japan, the Nikkei 225 continued its losing streak, scaling back 216.46 points, or 0.4%, to 52,774.64.
Hong Kong’s Hang Seng index regained 97.55 points, or 0.4%, to 26,585.06.
Spot gold prices rose over 1% to an all-time high of $4,813 U.S. per ounce.
Trump said Saturday that exports from eight European countries would face tariffs of 10% from Feb. 1, rising to 25% by June 1 if talks fail to deliver U.S. control of mineral-rich Greenland.
He also threatened to slap 200% tariffs on French wine and champagne, following reports that President Emmanuel Macron was unwilling to join his proposed “Board of Peace.” Trump further criticized the U.K., calling its plan to transfer sovereignty of the Chagos Islands, which is home to a joint U.K.-U.S. military base, to Mauritius an “act of great stupidity,” citing the move as further justification for acquiring Greenland on national security grounds.
European leaders have labeled President Donald Trump’s latest tariff threats “unacceptable” and are reportedly weighing retaliatory measures. France is said to be urging the European Union to deploy its strongest economic response tool, the so-called Anti-Coercion Instrument.
In other markets
The CSI 300 in Shanghai recovered 4.19 points, or 0.1%, to 4,723.07
In Korea, the Kospi regained 24.18 points, or 0.5%, to 4,909.03
In Taiwan, the Taiex dumped 513.62 points, or 1.6%, to 31,246.37.
In Singapore, the Straits Times Index deleted 18.12 points, or 0.4%. to 4,809.88.
In New Zealand, the NZX 50 dipped 156.76 points, or 1.2%, to 13,417.17
In Australia, the ASX 200 shed 32.98 points, or 0.4%, to 8,782.87
