Gold Prices Dip as Trump Backs Off Europe Tariffs, Greenland Deal Progresses

• Gold prices fell by as much as 1.1% after US President Donald Trump withdrew a threat to impose tariffs on European nations.
• Trump announced a "framework of a future deal" over Greenland had been agreed upon, easing diplomatic tensions.
• The precious metal had reached an all-time high above $4,888 an ounce on Wednesday, driven by geopolitical uncertainty.
• Following Trump's comments, the dollar and stock markets saw some recovery, with the Bloomberg Dollar Spot Index rising 0.1%.
• Gold has gained over 70% in the past year, but Trump's actions regarding tariffs and Greenland temporarily reduced its safe-haven appeal.

Why It Matters: Gold prices declined as Trump's de-escalation of trade tensions and Greenland deal reduced safe-haven demand.