Key Highlights
- US gold futures for February delivery lost 0.6% to $4,806.60 per ounce.
- Spot silver price fell 0.9% to $92.38 an ounce, after hitting a record high of $95.87 on Tuesday.
- The weakness in gold and silver prices today came as safe-haven demand eased after US President Donald Trump said a “framework of a future deal” over Greenland had been agreed and withdrew a threat to impose tariffs on European nations.
- Trump backed down from new tariff threats and proposals to annex Greenland by force, while a firmer dollar also pressured bullion prices.
- In the domestic market, gold prices on Multi Commodity Exchange of India (MCX) ended higher, while silver prices declined over 2% on Wednesday.
