Gold prices fell a little on Thursday after hitting a record near $4,900 an ounce the day before. At 09:00 ET, spot gold was at $4,819.74 an ounce, down 0.2%. U.S. gold futures for March also slipped 0.2% to $4,820.99/oz.
The pullback came as investors digested U.S. economic data showing steady growth. Jobless claims rose slightly by 1,000 to 200,000 for the week ending January 17, lower than the expected 210,000. This suggests the labor market remains strong.
Third-quarter U.S. GDP also surprised on the upside, rising 4.4% annualized, above the 4.3% forecast and up from 3.8% in the prior quarter. Investors are also waiting for the core PCE inflation reading for November, the Fed’s preferred measure, which could influence interest rate decisions later this year.
Gold’s recent surge was fueled by geopolitical tensions over Greenland. Prices had jumped over 6% in three sessions, pushing bullion close to $5,000 as investors sought a safe haven. The drop came after President Trump said he would not impose tariffs and ruled out using force, easing fears and signaling a potential deal with NATO allies. A slightly stronger U.S. dollar also weighed on gold.
Even with the small decline, Goldman Sachs raised its December 2026 gold forecast to $5,400 an ounce from $4,900. The bank said private sector investment in gold is growing and expected to continue, adding to long-term demand alongside central bank purchases.
Other metals remained strong. Silver rose 0.8% to $93.36 an ounce, near record highs, while platinum also gained 0.8% to $2,514.95/oz. Copper prices were mixed, with London copper up 0.5% to $12,693.35 a ton, and U.S. copper down slightly to $5.7372 a pound.
The overall market shows continued interest in precious metals, supported by investment demand and industrial needs, even as gold pulled back slightly from its record levels.