Gold surged to a record high while silver pulled back from an all-time peak on Tuesday, as U.S. President Donald Trump’s push to take over Greenland heightened concerns over a potential trade war between the United States and Europe.

Spot gold climbed to $4,694.35 an ounce as markets awaited Europe’s response to Trump’s threat to impose tariffs on eight European countries that have opposed his Greenland ambitions. Silver earlier touched a record high of $94.7295 an ounce before retreating from those levels.