On 21st January, gold prices pared back some of their highest in a record after the president of the United States, Donald Trump, backed off some of his most draconian promises over Greenland.
Spot gold rose 0.3 per cent to $4778.51 each ounce by 3:10 p.m. ET (2010 GMT), having touched an all-time high of $4887.82 earlier.
Gold futures in the U.S. to deliver in February were 1.5 per cent. above ground at $4,837.50 an ounce.
The equity market recovered when Trump threatened to impose tariffs on several countries over Greenland, claiming that he had achieved the contours of a deal with NATO on the future of the island.
“Thus, the news about the European tariffs lifted the stock market, wiped out the profit to a significant proportion of its gains and placed a strain on metals,” according to RJO Futures senior market strategist Bob Haberkorn.
“You have had a liquidation, for instance, on the basis of the headline here. It does not reverse the trend in any way.”
The safe store of value, gold, increased by 64 per cent in 2025 and by 11 per cent in 2026, as of now.
In the meantime, conservative and liberal U.S. Supreme Court justices indicated doubt in the request by Trump to remove Federal Reserve Governor Lisa Cook in a case that might bring about the independence of the central bank.
In a poll conducted by Reuters, most economists indicated that the Fed will probably maintain its key interest rate until this quarter, and even after that, until the end of the tenure of chair Jerome Powell in May.
Reduced rates of interest are favourable to non-yielding gold.
Spot silver dropped 3.6 to $91.17 an ounce, also touching a record high of $95.87 on Tuesday.
“The Silver has increased to a three-digit figure that is looking very likely, considering the price trend that we currently have, but this will not be a one-directional trend. Prices may have some correction, and volatility may be higher,” Soni Kumari, ANZ commodity strategist.
Spot platinum fell 0.1 per cent to $2,460.20/oz. after reaching an all-time low of $2,543.99 earlier in the day. Palladium fell 2.1% to $1,825.85.
