Gold hit a fresh record above $4,800 on Wednesday as investors moved into safe havens amid fresh tariff threats from the White House.
That move is now unwinding. In a social media post, President Donald Trump said he no longer plans to impose tariffs on European countries that opposed his ambitions for the US to acquire Greenland. He wrote: “I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
US equities rallied on the shift. The Dow jumped 588.64 points, while the SP500 rose 1.16% and the Nasdaq gained 1.18%.
Gold gave back earlier gains. While gold remains historically high, the removal of the February 1st tariff deadline has punctured the immediate US risk premium.
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