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Gold prices retreated in Asian trading on Thursday after reaching an all-time high in the previous session, as easing geopolitical tensions and a firmer U.S. dollar reduced safe-haven demand. The pullback followed comments from U.S. President Donald Trump indicating a retreat from tariff threats linked to Greenland-related tensions, which had earlier fueled a sharp rally in the precious metal.
Spot gold declined 0.7% to $4,799.55 per ounce by 20:36 ET (01:36 GMT), after touching a record peak of $4,888.10 per ounce a day earlier. Meanwhile, U.S. Gold Futures for March delivery slipped 0.8% to trade around $4,801.75 per ounce. Despite the decline, gold prices remain near historic highs, reflecting persistent investor interest amid global uncertainty.
The yellow metal had surged strongly on Wednesday as geopolitical risks intensified following a transatlantic dispute involving Greenland and potential U.S. tariffs on European imports. These developments pushed gold prices close to the psychologically significant $5,000 per ounce level, as investors sought protection against political instability, trade uncertainty, and broader macroeconomic risks.
However, sentiment shifted after President Trump spoke at the World Economic Forum in Davos, where he stated that the United States would not move forward with the proposed tariffs and ruled out the use of force in the Greenland dispute. He also suggested that a “framework” agreement with NATO allies was emerging, signaling a potential resolution to the tensions that had unsettled markets.
Trump emphasized that the prospective agreement would be a long-term deal focused on security and access to critical minerals, helping reassure investors and easing immediate fears. As a result, demand for traditional safe-haven assets like gold softened.
Adding further pressure to gold prices was a modest rebound in the U.S. dollar. The U.S. Dollar Index edged higher after gaining 0.1% in the previous session, making dollar-denominated commodities such as gold slightly more expensive for holders of other currencies.
While gold prices eased in the short term, analysts note that ongoing geopolitical risks, central bank policies, and inflation concerns could continue to support bullion prices over the longer horizon, keeping gold firmly in focus for global investors.
