Gold Falls Sharply, Market Calms After Trump Cancels Greenland Tariffs
Gold prices fell in early trading after United States President Donald Trump canceled plans to impose tariffs on European countries. This decision came after Trump stated that a "framework for a future agreement" regarding Greenland had been reached, easing geopolitical tensions.
Previously, gold prices had surged for three consecutive days, hitting an all-time high above USD 4,888 per ounce. However, market sentiment changed rapidly after Trump's statement, prompting investors to reduce their interest in safe-haven assets like gold.
Trump announced the preliminary Greenland agreement via social media after meeting with NATO Secretary General Mark Rutte. Although he did not detail the terms of the agreement, the market considered this move sufficient to reduce the risk of political conflict between the US and Europe.
The easing of global tensions also boosted the US dollar. The Bloomberg Dollar Spot Index rose 0.1%, which typically puts downward pressure on gold prices because the precious metal is priced in dollars.
At 7:36 a.m. Singapore time, the price of gold fell 0.8% to USD 4,793.96 per ounce. Silver also fell 1.3% to USD 91.86 per ounce, while platinum and palladium also weakened, following the market trend. (az)
Source: Newsmaker.id