WASHINGTON (dpa-AFX) - Scaling a new record high, gold prices soared on Thursday after U.S. investment and financial services company Goldman Sachs raised its end-2026 target to $5,400 an, while U.S. President Donald Trump's easing of his stance on Greenland limited the gains.
Front Month Comex Gold for January delivery surged by $77.00 (or 1.59%) to $4,908.80 per troy ounce.
Notably, this is a new record high for gold prices, which have increased for three consecutive sessions.
Front Month Comex Silver for January delivery skyrocketed by $3.7660 (or 4.08%) to $95.976 per troy ounce. Notably, this is a new record high for silver prices too.
Forecasting an increase in buying by major global central banks and private-sector groups, and lesser liquidation of the yellow metal in 2026, the U.S. investment banking and financial services multinational raised its end-2026 gold price target to $5,400 per ounce.
The global brokerage firm had earlier projected the value at $4,900 per ounce.
In addition, anticipating rate cuts by the U.S. Federal Reserve, the group also expects purchases by global central bank to average 60 tonnes as emerging markets are diversifying into gold reserves.
Yesterday, in his keynote address at the World Economic Forum in Davos, Switzerland, Trump stressed his intention to take over Greenland and urged the NATO nations to commence negotiations right away. However, Trump reassured that the U.S. would not use force to capture the Arctic territory.
Later, Trump posted via his social media platform Truth Social that he had reached a 'framework' deal on Greenland after negotiations with NATO Secretary General Mark Rutte.
These developments took off some heat from the market which witnessed a gold rush recently.
Days before, Trump had threatened eight European nations that they would face tariffs ranging from 10% to 25% if they do not support the U.S. on Greenland, driving investors to safe-haven investments.
In the U.S., data from the Commerce Department today revealed that the economy expanded at an annualized rate of 4.4% in the third-quarter 2025, slightly above the initial estimate of 4.3%.
Labor Department data revealed that initial jobless claims inched higher by 1,000 from the previous week to 200,000 for the week ending January 17. The four-week average on jobless claims decreased to 201,500 on January 17 from 205,250 in the previous week.
Continuing jobless claims decreased to 1,849,000 for the week ending January 10, 2026, from 1,875,000 in the previous week.
Signaling peace returning in the Gaza region, Trump led the signing ceremony for his 'Board of Peace' which has been set up to oversee the reconstruction of Palestine following its devastation due to a long war with Israel.
Recently, Iranian state media carried reports indicating attempts by Iranian authorities on the life of Trump. In response, Trump warned that any such adventure would lead to the whole country getting blown up. This latest warning has sparked concerns of U.S.-Iran escalation once again.
On the sidelines of the WEF, Trump met Ukrainian President Volodymyr Zelenskyy. Zelenskyy described the meeting as 'productive and substantive.'
Trump's envoy Steve Witkoff announced that negotiations on ending Russia-Ukraine war are now 'down to one issue' though he did not specify what it is. Witkoff is heading to Russia along with Trump's son-in-law Jared Kushner to continue the negotiations.
A Reuters poll indicates that a majority of economists feel that the U.S. Federal Reserve will hold the key interest rates through this quarter and likely until the end of current Chair Jerome Powell's tenure.
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