Gold holds firm near $4,770 as Trump softens Greenland stance
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Gold (XAU/USD) advances during the North American session on Wednesday, up by 0.25% after retreating from a fresh all-time high of $4,888 earlier in the day following US President Donald Trump’s moderation of his tone regarding Greenland. Trump said that the use of military force is not on the table. At the time of writing, XAU/USD trades at $4,772. Bullion steadies after retreating from record highs as geopolitical risks ease, but uncertainty keeps haven demand alive In his speech at the World Economic Forum in Davos, Trump refrained from mentioning tariffs or military actions over Greenland. Nevertheless, he warned that if he did not get an agreement over Greenland, he would weigh Europe’s response to his demands. Across the Atlantic, the Supreme Court failed to rule on Trump’s case to fire Federal Reserve (Fed) Governor Lisa Cook. Bloomberg reported that US Supreme Court justices suggested they are wary of Trump’s effort to fire Governor Cook over alleged mortgage fraud allegations. Recently, US President Donald Trump backpedaled on the tariffs imposed on eight European countries over Greenland, which were supposed to take effect on February 1. He said that he formed a framework for a future deal with NATO. Data-wise US Pending Home Sales in December disappointed investors, as the inventory of previously owned houses hit a five-month low, according to the National Association of Realtors. What’s next in the US docket? On Thursday, the US docket will feature the release of Gross Domestic Product (GDP) figures, Initial Jobless Claims and the Fed’s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. Daily digest market movers: Gold rally tempers on Trump’s TACO trade A Reuters poll revealed that the Federal Reserve might hold rates unchanged at the January 27-28 meeting. The survey added that most economists do not expect…
Filed under: News - @ January 21, 2026 9:31 pm