Gold and silver prices climbed to fresh peaks on Monday, as investors poured into safe-haven assets after US President Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland.

Spot gold XAU= jumped 1.6 per cent to $4,666.65 per ounce by 0739 GMT, after scaling an all-time high of $4,689.39.

US gold futures GCcv1 for February delivery advanced 1.7 per cent to $4,671.40 per ounce.

On Saturday, Trump vowed to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland, escalating a row over the future of Denmark’s vast Arctic island.

European Union ambassadors are preparing retaliatory measures should the duties go ahead, EU diplomats said.

“Geopolitical tensions have given gold bulls yet another reason to push the yellow metal to new highs,” StoneX senior analyst Matt Simpson said.

“With Trump throwing tariffs into the mix, it is clear that his threat to Greenland is real, and that we could be one step closer to the end of NATO and political imbalances within Europe.”

US stock futures and dollar slid as Trump’s latest tariff threats raised investors’ appetite for safe-haven gold, yen and Swiss franc, in a broad risk-averse move across markets. MKTS/GLOBUSD/

Spot silver XAG= climbed 4 per cent to $93.50, after hitting a record high of $94.08.

“On silver, the medium-term narrative remains constructive, supported by persistent physical deficits, resilient industrial demand and safe-haven demand,” said Christopher Wong, a strategist at OCBC.

“But the pace of the recent extension may warrant some near-term tactical caution,” Wong said, noting that the gold-silver ratio declined sharply from highs near 105 in late 2025 to low-50s, signalling silver’s outsized performance versus gold.

J.P. Morgan analysts said that they have a stronger preference for gold relative to silver as any disruptive correction in silver could have some near-term contagion into gold but still presents a buying opportunity in gold which continues to have a cleaner, bullish structural story.

In other precious metals, spot platinum XPT= added 1.1 per cent to $2,353.25 per ounce, while palladium XPD= rose 0.2 per cent to $1,804.06.

Read: Trump to impose 10% tariffs on eight European nations in Greenland row

India’s central bank has proposed that BRICS countries link their official digital currencies to make cross-border trade and tourism payments easier, two sources said, which could reduce reliance on the US dollar as geopolitical tensions rise.

The Reserve Bank of India (RBI) has recommended to the government that a proposal connecting the central bank digital currencies (CBDCs) be included on the agenda for the 2026 BRICS summit, the sources said. They requested anonymity because they were not authorised to speak publicly.

India will host the summit, which will be held later this year. If the recommendation is accepted, a proposal to link the digital currencies of BRICS members would be put forward for the first time. The BRICS organisation includes Brazil, Russia, India, China and South Africa, among others.

The initiative could irritate the US, which has warned against any moves to bypass the dollar.

US President Donald Trump has previously said the BRICS alliance is “anti-American” and he threatened to impose tariffs on its members.

The RBI, India’s central government and the central banks of China, Brazil, and Russia did not respond to emails seeking comment. The South African central bank declined to comment.

The RBI’s proposal to link BRICS’ CBDCs for cross-border trade finance and tourism has not been previously reported.

Building bridges

The RBI’s proposal builds on a 2025 declaration at a BRICS summit in Rio de Janeiro, which pushed for interoperability between members’ payment systems to make cross-border transactions more efficient.

The RBI has publicly expressed interest in linking India’s digital rupee with other nations’ CBDCs to expedite cross-border transactions and bolster its currency’s global usage. It has, however, said its efforts to promote the rupee’s global use are not aimed at promoting de-dollarisation.

While none of the BRICS members have fully launched their digital currencies, all five main members have been running pilot projects.

India’s digital currency – called the e-rupee – has attracted a total of 7 million retail users since its launch in December 2022, while China has pledged to boost the international use of the digital yuan.

The RBI has encouraged the adoption of the e-rupee by enabling offline payments, providing programmability for government subsidy transfers and by allowing fintech firms to offer digital currency wallets.

For the BRICS digital currency linkages to be successful, elements like interoperable technology, governance rules and ways to settle imbalanced trade volumes would be among the discussion topics, one of the sources said.

The source cautioned that hesitation among members to adopt technological platforms from other countries could delay work on the proposal and concrete progress would require consensus on tech and regulation.

One idea that is being explored to manage potential trade imbalances is the use of bilateral foreign exchange swap arrangements between central banks, both the sources said.

Previous attempts by Russia and India to conduct more trade in their local currencies hit roadblocks. Russia accumulated large balances of the Indian rupee for which it found limited use, prompting India’s central bank to permit the investment of such balances in local bonds.

Weekly or monthly settlements for transactions are being proposed to be made via the swaps, the second source said.

Long road

Founded in 2009 by Brazil, Russia, India and China, BRICS later expanded to include South Africa and has since broadened further, adding newer members like the United Arab Emirates, Iran and Indonesia.

The bloc has returned to the limelight thanks to Trump’s revived trade-war rhetoric and tariff threats, including warnings aimed at countries aligning with BRICS. At the same time, India has edged closer to Russia and China as it faced trade friction with the US.

Past efforts to turn BRICS into a major economic counterweight have run into hurdles, including an ambition to create a common BRICS currency, an idea that was floated by Brazil but was subsequently nixed.

While interest in CBDCs has been dampened globally by rising stablecoin adoption, India continues to position its e-rupee as a safer, more regulated alternative.

CBDCs “do not pose many of the risks associated with stablecoins,” RBI Deputy Governor T Rabi Sankar said last month.

“Beyond the facilitation of illicit payments and circumvention of control measures, stablecoins raise significant concerns for monetary stability, fiscal policy, banking intermediation and systemic resilience,” Sankar said.

India fears widespread stablecoin use could fragment national payments and weaken its digital payments ecosystem, Reuters reported in September.

Read: Trump threatens 25% tariff on countries doing business with Iran

NMDC Group said on Monday its wholly owned subsidiary NMDC Infra has agreed to acquire a 51 per cent stake in Spain’s Lantania Aguas, marking the UAE engineering group’s first entry into the European market.

Under the agreement, NMDC Infra will take a controlling stake in Lantania Aguas, the water subsidiary of Grupo Lantania, while the Spanish group will retain the remaining 49 per cent.

The transaction is subject to customary regulatory approvals.

Following completion, the company will operate under the name Lantania NMDC Water and will retain its existing management team, NMDC Group said.

NMDC Infra’s activities expand in wastewater engineering, procurement and construction (EPC) sectors

The acquisition expands NMDC Infra’s activities into the water and wastewater engineering, procurement and construction (EPC) sectors, adding desalination, water treatment, purification and water reuse capabilities to its portfolio.

The move aligns with NMDC Group’s broader strategy to diversify its operations and expand across new industries and geographies.

Lantania NMDC Water will combine NMDC’s commercial and technical capabilities with Lantania’s experience in water infrastructure and large-scale industrial projects. The rebranded company will employ more than 300 professionals and has a current project backlog exceeding Dhs2bn ($545m) across several countries.

The company will operate under a joint management structure and plans to expand its presence in markets including the Middle East, North Africa, Southeast Asia, South Asia, Europe and Latin America.

“This acquisition marks NMDC Group’s first entry to the European market as we are set to export UAE-grown capabilities and scale to complement Lantania’s proven expertise,” said Yasser Zaghloul, group chief executive of NMDC Group. “It also aligns with our strategy of expanding and diversifying NMDC Infra’s portfolio offering across many of the world’s most dynamic industries and markets.”

Federico Ávila, chairman and chief executive of Lantania Group, said the alliance represented a turning point for Lantania Aguas.

“NMDC Group’s technical and commercial strength, combined with Lantania’s engineering capabilities and experience in this market, will enable us to jointly undertake major projects and establish a global benchmark in sustainable water solutions,” he said.

NMDC Group said the acquisition reflects its focus on addressing global water scarcity challenges and strengthening its role in delivering sustainable infrastructure solutions worldwide. The deal also marks the addition of water desalination and wastewater EPC services to NMDC Infra’s range of offerings.

NMDC Group, headquartered in Abu Dhabi, operates across five business verticals and reported a backlog of Dhs62.3bn as of Q3 2025.

Read: AD Ports Group sells stake in NMDC Group to Alpha Dhabi Holding

Salary growth across the GCC’s construction and real estate sector is expected to remain muted in 2026, even as employee mobility hits record levels and employers continue to scale headcount, according to the FPA 2026 GCC Salary Guide.

Based on responses from more than 2,300 professionals across the UAE, Saudi Arabia, Oman, Bahrain and Qatar, the survey shows that most roles across the region are forecast to see salary increases of just 0–5 per cent next year. Despite this, 98 per cent of respondents said they are open to new roles in 2026, highlighting a widening disconnect between pay expectations and broader career priorities.

The report describes a market “in transition”, with sustained project pipelines and strong delivery demand driving hiring, particularly in Saudi Arabia, while salary budgets remain constrained by rising construction costs and increased talent supply.

UAE: flexibility and development trump pay

In the UAE, 82 per cent of employers reported no salary increases in 2025, while 42 per cent of employees said their pay remained unchanged over the past year. Only 35 per cent of professionals said they are actively seeking salary improvements in 2026, compared with 64 per cent who prioritise career growth and development opportunities.

Time-off and flexibility emerged as the most valued benefit among UAE professionals, cited by 49 per cent of respondents, while 62 per cent said they lacked development opportunities or structured growth support. At the same time, 40 per cent of UAE employers increased headcount by 20–30 per cent in 2025, and 41 per cent expect further increases of 5–20 per cent in 2026.

Saudi Arabia: hiring accelerates as salaries lag

Saudi Arabia continues to see faster workforce expansion, reflecting the Kingdom’s large-scale delivery phase. Nearly all respondents in Saudi Arabia (99 per cent) said they are open to new opportunities, while 44 per cent of employers increased headcount by 20–30 per cent last year.

However, salary growth remains limited. Around 71 per cent of Saudi employers reported no salary increases in 2025, and most expect pay rises to remain within the 0–5 per cent range in 2026. Family-related benefits, including visas, medical cover and flights, were cited as the most valued benefit by 70 per cent of professionals in the Kingdom.

Project and commercial roles hardest to fill

Across both markets, demand is shifting decisively from design and planning into delivery. Project management, design management and commercial management roles were identified as the most difficult positions to fill, driven by the need for professionals with proven experience managing cost, quality and risk on complex, fast-moving projects.

The guide notes that while GDP growth forecasts of approximately 5 per cent in the UAE and 4.5 per cent in Saudi Arabia are supporting confidence, limited salary movement in 2025 has contributed to frustration among candidates and increased willingness to change roles.

Retention risks rising

While 77 per cent of employers plan to increase headcount in 2026, the report warns of growing retention risks. More than one-third of professionals said they receive no meaningful development support, even as 62 per cent prioritise long-term career progression over short-term pay gains.

With 34 per cent of employers planning to expand hybrid working policies and flexibility increasingly used as a cost-effective retention tool, the study suggests that organisations failing to invest in career pathways and skills development may struggle to hold on to high-potential talent in an increasingly mobile market.

Read: Saudi’s salary scenario: Where the biggest paydays, hottest jobs will be in 2026

The region’s most influential business leaders share their strategic vision and key initiatives for 2026, offering a clear view of the priorities shaping the next phase of economic growth and innovation.

In this exclusive Gulf Business series, leaders across telecom, finance, F&B, manufacturing, and technology outline how they are responding to shifting global conditions, evolving consumer behaviour, and accelerating digital adoption.

Their perspectives highlight decisive moves around transformation, sustainability, and operational resilience. Together, these power letters capture how regional decision-makers are positioning their organisations for long-term relevance, competitiveness, and scale in a fast-changing business environment.