Emre Yumlu 
Precious metals lost momentum toward the end of the week as market sentiment shifted. After climbing close to record levels amid heightened global uncertainty, gold and silver faced profit-taking as geopolitical risks showed signs of easing.
On a daily basis, spot gold declined by 0.14%, while spot silver posted a 1.01% gain. Despite silver’s positive close, intraday price action across both metals suggests that markets are entering a consolidation phase following a strong rally in recent weeks.
Trade Policies and Global Tensions Drove the Recent Rally
The sharp rise in gold and silver prices over the past period was largely fueled by uncertainty surrounding global trade policies and escalating geopolitical tensions. In particular, expectations that the United States would implement new tariffs boosted demand for safe-haven assets, pushing precious metals toward all-time highs.
As these risks intensified, investors increasingly sought protection in gold and silver. However, the subsequent easing of those concerns has begun to reverse that trend.
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Silver outlook:
Trump’s Tariff Decision Shifts Market Expectations
Market sentiment changed notably after U.S. President Donald Trump signaled that the planned tariffs would not be implemented. Following a meeting with NATO Secretary General Mark Rutte, Trump stated that the framework for a potential agreement involving Greenland had become clearer.
As part of this development, tariffs scheduled to take effect on February 1 were suspended in connection with the Greenland negotiations. The removal of this immediate trade risk reduced short-term demand for safe-haven assets, putting downward pressure on precious metal prices.
Greenland Talks Gain Momentum at the Highest Level
According to Trump’s remarks, negotiations related to Greenland will be led by senior U.S. officials. Vice President JD Vance and Secretary of State Marco Rubio are expected to take charge of the talks.
The involvement of top-level policymakers underscores that the issue extends beyond trade, carrying broader strategic and geopolitical implications.
U.S. Eyes Role in Greenland’s Mineral Resources
Trump also indicated that the United States could play a role in Greenland’s mineral rights under a potential agreement. This statement points to a longer-term strategic interest in the region’s natural resource potential.
Estimates suggest that Greenland’s natural resource reserves may be worth approximately $5 trillion, highlighting why the territory has become increasingly significant in global energy and raw materials discussions.
Precious Metals Enter a Short-Term Consolidation Phase
With tariff-related risks diminishing and geopolitical tensions temporarily easing, the upward momentum in gold and silver has weakened. Still, analysts caution that global economic and political uncertainties have not disappeared entirely.
As a result, while precious metals may experience volatility and consolidation in the near term, it may be premature to conclude that safe-haven demand has fully faded. Markets will continue to monitor geopolitical developments and global trade signals closely, as any renewed uncertainty could quickly restore interest in gold and silver.
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