Thursday 22/January/2026 – 10:04 AM
Gold and other precious metals fell on Thursday, with geopolitical tension and demand for safe havens receding after US President Donald Trump backed down from new threats to impose tariffs and proposals to forcefully annex Greenland, while the rise in the dollar also pressured prices, according to Reuters.
Prices of gold and precious metals
Gold fell in instant transactions by 0.8% to $4,796.75 per ounce by 0524 GMT, after hitting a record level of $4,887.82 in the previous session.
US gold futures for February delivery also fell 0.8% to $4,799.90 an ounce.
“The US President’s retraction of his statements was one of the factors that eased the geopolitical tension, and thus we see a rebound in prices,” said Soni Kumari, a commodities analyst at ANZ.
On Wednesday, Trump suddenly backed down from his threats to impose customs duties as a means of pressure to control Greenland, ruled out the use of force, and indicated that there was an agreement on the horizon to end the dispute over the Danish region.
The dollar rose, while Wall Street indices also rose on the back of news of Trump’s rollback of tariffs. The strength of the dollar leads to higher prices for metals denominated in it for buyers who hold other currencies.
At the same time, US Supreme Court justices indicated their doubts about Trump’s unprecedented attempt to fire Lisa Cook, a member of the Federal Reserve, in a case that puts the bank’s independence at stake.
On Thursday, Goldman Sachs raised its forecast for the price of gold for December 2026 to $5,400 from $4,900 per ounce previously.
