Gold prices steadied during Asian trading on Thursday after surging to an all-time high close to $4,900 per ounce in the previous session, as easing geopolitical tensions around Greenland reduced demand for safe-haven assets.
Spot gold slipped 0.1% to $4,826.03 an ounce by 01:19 ET (06:19 GMT), pulling back modestly after touching a record peak of $4,888.1/oz a day earlier. March U.S. gold futures were also lower, down 0.3% at $4,825.39/oz.
Trump tones down Greenland tariff dispute
The precious metal paused after gaining more than 6% over the past three sessions, a rally driven by heightened geopolitical risk stemming from the transatlantic standoff over Greenland and the threat of tariffs on European imports.
That advance pushed gold close to the psychologically important $5,000 threshold, as investors sought protection amid rising global uncertainty.
Momentum faded after President Donald Trump said at the World Economic Forum in Davos that he would not impose the tariffs and ruled out the use of military force in the dispute involving the Danish territory, indicating that a “framework” agreement was close to resolving tensions with NATO allies.
“It’s a long-term deal. It’s the ultimate long-term deal. It puts everybody in a really good position, especially as it pertains to security and to minerals,” Trump told reporters.
A mild rebound in the U.S. dollar also weighed on gold prices. The U.S. Dollar Index edged slightly higher after gaining 0.1% in the previous session.
Broader metals complex remains firm
Across the wider metals market, most precious and industrial metals traded higher, with silver holding near record levels amid strong industrial demand.
Silver rose 1% to $94.03 per ounce, remaining just below the record high of $95.89/oz reached earlier this week. Platinum, however, slipped 0.8% to $2,465.10/oz.
In base metals, benchmark copper futures on the London Metal Exchange climbed nearly 1% to $12,855.0 a tonne, while U.S. copper futures were unchanged at $5.81 a pound.
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