Spot gold was up 0.3 per cent at $4,778.51 per ounce, after scaling an all-time high of $4,887.82 earlier in the session

Gold prices trimmed gains on Wednesday, pulling back from a record high, after U.S. President Donald Trump backed down from some of his sternest threats over Greenland.

Spot gold was up 0.3 per cent at $4,778.51 per ounce by 2010 GMT, after scaling an all-time high of $4,887.82 earlier in the session.

U.S. gold futures for February delivery settled 1.5 per cent higher at $4,837.50 per ounce.

So, then the announcement on the European tariffs sent the stock market higher, erased most of the gains and put some pressure on metals, said RJO Futures senior market strategist Bob Haberkorn.

You had a liquidation event here just based off the headline here. It doesn’t revert the trend at all, he added.

Gold, seen as a safe store of value during economic and political instability, surged 64 per cent in 2025 and is 11 per cent higher so far in 2026.

Meanwhile, conservative and liberal U.S. Supreme Court justices signalled scepticism toward Trump’s bid to fire central bank Governor Lisa Cook in a case with the central bank’s independence at stake.

Lower interest rates are favourable for non-yielding gold.

Spot silver dropped 3.6 per cent to $91.17 an ounce, after reaching a record high of $95.87 on Tuesday.

Silver’s rise to a three-digit number is looking quite possible given the price momentum we are seeing, but it will not be a one-way move. There could be some correction in prices and volatility can be higher, said Soni Kumari, ANZ commodity strategist.

Spot platinum was down 0.1 per cent to $2,460.20 per ounce after reaching a record $2,543.99 earlier in the day. Palladium declined 2.1 per cent to $1,825.85.