Gold and silver soared to record highs as President Donald Trump threatened fresh tariffs on eight European countries. Investors scrambled for safe-haven assets, forcing the dollar down by 4% against major currencies.

Gold notched a record high on Wednesday but dipped by 0.2% the following day, settling at $3,636.90 a troy ounce. Even so, it remained the fourth-highest close for the front-month contract, underscoring continued investor interest in the metal’s performance.