Gold prices were largely steady in Asian trade on Thursday after hitting a record high near $4,900 per ounce in the previous session, as the retreat by U.S. President Donald Trump from tariff threats tied to Greenland tensions reduced safe-haven demand.

Spot gold edged down 0.1% to $4,826.03 an ounce by 01:19 ET (06:19 GMT), after reaching a record high of $4,888.1/oz in the previous session.

U.S. Gold Futures for March slipped 0.3% to $4,825.39/oz.

Trump eases Greenland tariff tensions

The yellow metal ticked lower after surging over 6% in the last three sessions amid heightened geopolitical risk linked to a transatlantic dispute over Greenland and threatened tariffs on European imports.

The rally this week pushed bullion close to the psychological $5,000 mark as investors sought shelter from global uncertainty.

The pullback came after Trump, speaking at the World Economic Forum in Davos, said he would not impose the tariffs and ruled out the use of force in the dispute over the Danish territory, signaling that a “framework” deal was in sight to resolve tensions with NATO allies.

“It’s a long-term deal. It’s the ultimate long-term deal. It puts everybody in a really good position, especially as it pertains to security and to minerals,” Trump told reporters.

A slight rebound in the U.S. dollar also contributed to gold’s softness for the day. The US Dollar Index traded marginally higher after rising 0.1% in the previous session.

Metal markets remain upbeat

Most other precious and industrial metals traded higher, with silver remaining near record highs on increased industrial demand.

Silver prices rose 1% to $94.03 per ounce, just below record highs of $95.89/oz hit earlier this week.

Platinum prices fell 0.8% to $2,465.10/oz.

Benchmark Copper Futures on the London Metal Exchange climbed nearly 1% to $12,855.0 a ton, while U.S. Copper Futures traded flat at $5.81 a pound.