Gold and other precious metals fell on Thursday as geopolitical tensions and safe-haven demand eased after US President Donald Trump backed down from new tariff threats and proposals to annex Greenland by force, while a firmer dollar also pressured prices.

Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.

In July, Tokyo and Washington announced a trade deal lowering tariffs to 15 percent

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday

Oil prices fell on Wednesday as an expected build-up of US crude inventories outweighed a temporary halt in output at two large fields in Kazakhstan and geopolitical pressure from US threats of tariffs over its bid to gain control of Greenland.

Gold prices surged to a record ‌above $4,800 per ounce on Wednesday, as investors sought the metal as a safe haven following a broad selloff in US assets amid heightened tensions between the US and NATO over Greenland.

Britain’s annual inflation rate rose more than expected in December, official data showed Wednesday, reinforcing expectations that the Bank of England will hold off on cutting interest rates next month.

Global liquefied natural gas (LNG) output is set to jump this year, easing constraints seen since the 2022 Ukraine war and dampening prices, which could spur demand including from top importers China and India, analysts say.

This month, two leading players in China's artificial intelligence industry, Zhipu AI and MiniMax, made dazzling debuts on the Hong Kong stock exchange

Spot gold climbed 2.1 percent to $4,862.19 per ounce by 0837 GMT

The explosion of data offers new ways to understand the economy, and change what gets measured

Asia saw a mixed performance in early trade Wednesday

Authorities are likely to unveil incentives, ease market barriers and invest in high-growth sectors to tackle supply gaps

China sold more goods to the world than ever in 2025, but export saleswoman Aimee Chen says it was the hardest of her roughly two-decade career.

Oil prices were steady on Tuesday as investors monitored US President Donald Trump’s threats of higher tariffs on European states over his drive to acquire Greenland, while firmer global economic growth expectations and better-than-expected economic data from China gave a floor to prices.

Gold surged past the $4,700 an ounce mark for the first time on Tuesday, and silver hovered just below a fresh record high, as global tensions sparked yet another rush to safety.

Spot gold gained 1.3 percent to $4,727.99 per ounce by 0910 GMT

The dollar index fell as much as 0.6 percent

The world's second-largest economy grew five percent last year

One in five CEOs said their companies were highly exposed to losses from trade tariffs