Gold and silver prices have hit record highs following the threat by US President Donald Trump to impose fresh tariffs on eight European countries opposed to his proposed takeover of Greenland.

The price of gold touched $4,689.39 (£3,499) an ounce on Monday, while silver rose to a peak of $94.08 an ounce.

Precious metals are seen as safer assets to hold in times of uncertainty, and the prices of both gold and silver have soared over the past year.

The row over the future of Greenland has escalated following the threat of extra tariffs by the US and there are reports that the EU is preparing to retaliate.

While gold and silver prices rose, stock markets in Asia saw modest falls with Japan's Nikkei index closing down 0.6%.