Global financial markets rattle again amid escalating tensions over Greenland

Global financial markets came under renewed pressure amid rising geopolitical tensions surrounding Greenland and revived threats of new trade tariffs. Investors moved away from riskier assets, sending bond prices sharply lower, weakening the US dollar, and pushing gold to a new record high above $4,700 per troy ounce for the first time.

The yield on 30-year US Treasury bonds rose by 0.04 percentage points to 4.88%, the highest level since early September. At the same time, the dollar fell about 0.5% against a basket of currencies of key US trading partners, reflecting growing market anxiety over a potential escalation of trade disputes.

Oil prices also edged higher, supported by the weaker dollar and developments linked to Greenland. Brent crude futures climbed to $64.09 a barrel, while US West Texas Intermediate traded near $59.5 a barrel. Analysts at ING noted that a softer dollar provided some support to oil and the broader commodities complex, helping prices remain relatively resilient despite a broader risk-off mood driven by renewed trade tensions between the United States and Europe.