Price Pullback
Spot gold down as Trump retreats from Greenland-related tariff threat
This story was originally published at 14:18 IST on 22 January 2026
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MUMBAI – Spot gold prices opened lower Thursday as the yellow metal's safe-haven demand faded following the retreat by US President Donald Trump from tariff threats tied to Greenland tensions. In the Mumbai spot market, price of gold of 99.9% purity was INR 151,499 per 10 grams, down from INR 154,227 per 10 grams Wednesday, said Kumar Jain, spokesperson for India Bullion and Jewellers Association. Dealers are charging a premium of INR 1,000 per 10 grams on gold prices, Jain said. The MCX spot price was down at INR 150,890 per 10 grams.
"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," investing.com said in a note.
However, the prices pulled back after Trump said at the World Economic Forum in Davos Wednesday that he would not impose the tariffs and ruled out the use of force in the dispute over the Danish territory, signalling that a "framework" deal was in sight to resolve tensions with NATO allies, the note said.
"As the spectre of a trade war with Europe recedes, we are seeing classic safe-haven liquidation, with investors rotating back into risk assets as the 'Arctic tension' cools," Aamir Makda, commodity and currency analyst, Choice Broking, said in a release. End
Reported by Abhijit Doshi
Edited by Vandana Hingorani
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