Gold (GC=F) futures opened Tuesday at $4,633.70 per troy ounce, up 0.8% from Friday’s close of $4,595.40. In early trading, gold climbed more than 2% to eclipse $4,700 per ounce for the first time. The move followed President Trump’s weekend threats to impose tariffs on eight countries unless they support a U.S. purchase of Greenland, which he described as imperative to U.S. national security. Greenland is an autonomous territory of the Kingdom of Denmark. Leaders of Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands, and Finland backed Greenland’s sovereignty, with some sending military personnel to the island. Trump said the countries would face a 10% tariff starting Feb. 1, escalating to 25% on June 1, remaining until a deal to purchase Greenland is reached.