Precious metals shares and ETFs shined on Tuesday. AGQ up about 13%; Anglogold, Pan American Silver, Gold Fields, Equinox Gold up over 6%; Silvercorp, US Gold up over 5%.

Gold broke record highs on Tuesday, as U.S. President Donald Trump's threats to acquire Greenland soured global sentiment and sparked a rush into safe-haven assets.

Spot gold was up 1.16% at $4,726.35 per ounce, after scaling an all-time high of $4,689.39 in the previous session.

Spot silver was up 0.51% to $95.18 an ounce, after hitting a record high of $94.72 earlier in the session.

"Gold is biding its time today and consolidating recent gains, with traders waiting to see what happens next regarding Trump's latest spat with the EU over Greenland," said Tim Waterer, KCM Trade's chief market analyst.

"If Trump continues to turn the heat up regarding tariff threats, gold could feasibly be eying off a run north of $4,700 in the near term," Waterer said, adding that if European Union leaders managed to patch things up with Trump at Davos this week, gold's risk premium might fade.

Trump has intensified his push to wrest sovereignty over Greenland from fellow NATO member Denmark, prompting the European Union to weigh hitting back with its own measures.

The dollar retreated to its lowest in a week after tariff threats triggered a broad selloff across U.S. stocks and government bonds.

Gold also found support as concerns lingered around the Federal Reserve's independence with the U.S. Supreme Court this week expected to hear a case around Trump's attempt to fire Fed Governor Lisa Cook over alleged mortgage fraud.

The Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump's calls for cuts. Gold, which does not yield interest, typically performs well during periods of low interest rates.