Gold falls as easing geopolitical tensions dampen safe-haven demand

Gold and other precious metals fell on Thursday as geopolitical tensions and safe-haven demand eased after US President Donald Trump backed down from new tariff threats and proposals to annex Greenland by force, while a firmer dollar also pressured prices. Spot gold was down nearly 1% to $4,793.63 per ounce, as of 0332 GMT, after scaling a record peak of $4,887.82 in the previous session. US gold futures for February delivery lost 1% to $4,790.10 per ounce. “Reversal of comments by the US President was one factor that eased geopolitical tensions, and so we see a retracement in prices,” said ANZ commodity strategist Soni Kumari.