Gold prices were mostly steady in Asian trading on Thursday after surging to a fresh record high in the previous session, as easing geopolitical tensions reduced demand for safe-haven assets. The pullback followed signals from U.S. President Donald Trump that tariff threats linked to Greenland would not be pursued.
Spot gold slipped 0.1% to $4,826.03 per ounce by 01:19 ET (06:19 GMT), after touching a record peak of $4,888.10 an ounce earlier this week. U.S. gold futures for March also edged lower, falling 0.3% to $4,825.39 per ounce.
Trump eases Greenland tariff tensions
Gold prices softened after a powerful rally of more than 6% over the past three sessions, driven by heightened geopolitical uncertainty surrounding Greenland and the threat of new U.S. tariffs on European imports. The surge pushed bullion close to the key psychological level of $5,000 per ounce, as investors sought protection from rising global risks.
The momentum eased after Trump, speaking at the World Economic Forum in Davos, said he would not move forward with the tariffs and ruled out the use of force in the dispute over the Danish territory. He added that a “framework” agreement was likely, helping to calm fears of a deeper rift with NATO allies.
Trump described the potential agreement as a long-term solution that would benefit all parties, particularly in areas related to security and access to critical minerals.
A modest rebound in the U.S. dollar also weighed slightly on gold prices. The US Dollar Index edged higher after rising 0.1% in the previous session.
Metal markets remain broadly supported
Elsewhere in the metals market, prices were mixed but generally supported. Silver remained near record highs, benefiting from strong industrial demand. Spot silver climbed 1% to $94.03 per ounce, staying close to this week’s peak of $95.89.
Platinum prices moved lower, falling 0.8% to $2,465.10 per ounce. Copper prices were stronger, with benchmark copper futures on the London Metal Exchange rising nearly 1% to $12,855 a metric ton, while U.S. copper futures were little changed at $5.81 per pound.
