Gold prices held broadly steady during Asian trading on Thursday after touching a fresh record close to $4,900 per ounce in the prior session, as comments from U.S. President Donald Trump eased geopolitical concerns tied to Greenland and 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 slightly after reaching a record peak of $4,888.1/oz in the previous session. March U.S. gold futures were also lower, down 0.3% at $4,825.39/oz.
Trump eases Greenland tariff tensions
The precious metal edged lower after rallying more than 6% over the past three sessions, a surge driven by rising geopolitical risk linked to the transatlantic dispute over Greenland and the threat of tariffs on European imports.
That advance had pushed bullion close to the psychologically significant $5,000 level, as investors sought protection amid heightened global uncertainty.
The pause in gains followed remarks by Trump at the World Economic Forum in Davos, where he said the tariffs would not be imposed and ruled out the use of military force in the dispute over the Danish territory. His comments suggested that a “framework” agreement could be reached to defuse 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.
Adding to the pressure on gold, the U.S. dollar showed modest strength. The U.S. Dollar Index edged slightly higher after rising 0.1% in the previous session, making dollar-priced commodities marginally less attractive.
Metal markets remain upbeat
Elsewhere in the metals complex, most precious and industrial metals traded higher, with silver holding near record levels amid robust industrial demand.
Silver gained 1% to $94.03 per ounce, remaining just below the all-time high of $95.89/oz reached earlier this week. Platinum, by contrast, fell 0.8% to $2,465.10/oz.
In base metals, benchmark copper futures on the London Metal Exchange rose nearly 1% to $12,855.0 a tonne, while U.S. copper futures were flat at $5.81 a pound.