Gold slips from record highs near $4,900/oz as Trump signals deal on Greenland

Gold prices eased in Asian trade on Thursday after hitting a record high near $4,900 per ounce in the previous session, as the retreat by U.S. President Donald Trump from tariff threats tied to Greenland tensions reduced safe-haven demand.

Spot gold fell 0.7% to $4,799.55 an ounce by 20:36 ET (01:36 GMT), after reaching a record high of $4,888.1/oz in the previous session.

U.S. Gold Futures for March slipped 0.8% to $4,801.75/oz.

The yellow metal surged on Wednesday on heightened geopolitical risk linked to a transatlantic dispute over Greenland and threatened tariffs on European imports.

The rally this week pushed bullion close to the psychological $5,000 mark as investors sought shelter from global uncertainty.

The pullback came after Trump, speaking at the World Economic Forum in Davos, said he would not impose the tariffs and ruled out the use of force in the dispute over the Danish territory, signaling that a “framework” deal was in sight to resolve 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 slight rebound in the U.S. dollar also contributed to gold’s softness for the day. The US Dollar Index traded marginally higher after rising 0.1% in the previous session.