Precious metals retreated on Thursday as geopolitical tensions and safe-haven demand eased after U.S. President Donald Trump backed down ‍from new tariff ‍threats and proposals to annex Greenland by force, while a firmer ​dollar also pressured prices.

FUNDAMENTALS

* Spot gold was down 0.8% at $4,799.79 per ounce, as of 0136 ⁠GMT, after scaling a record peak of $4,887.82 in the previous session.

* U.S. gold futures for ⁠February delivery ‌lost 0.6% to $4,806.60 per ounce.

* Trump abruptly stepped back on Wednesday from threats to impose tariffs as leverage to seize Greenland, ruled out ⁠the use of force and suggested a deal was in sight to end a dispute over the Danish territory that risked the deepest rupture in transatlantic relations in decades.

* The dollar firmed, benchmark 10-year U.S. Treasury yields eased off of ⁠multi-month highs while Wall Street ​indexes also jogged higher on news of Trump's reversal on tariffs.

* A stronger dollar makes greenback-priced metals ‍more expensive for overseas buyers.

* Meanwhile, U.S. Supreme Court justices signalled scepticism toward President Trump's unprecedented bid to ​fire Federal Reserve Governor Lisa Cook in a case with the central bank's independence at stake.

* Traders await November's Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation gauge, and weekly jobless claims, due later in the day, for further cues on monetary policy trajectory.

* The U.S. Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump's calls for cuts.

* Gold, which does not yield interest, typically performs well in a low-interest-rate environment.

* Spot silver receded 0.9% to $92.38 an ounce, after hitting ⁠a record high of $95.87 on Tuesday.

* Spot platinum ‌lost 2.7% to $2,415.60 per ounce after hitting a record $2,511.80 on Wednesday, while palladium slipped 1% to $1,821.50, retreating from a one-week high hit in the previous session.

DATA/EVENTS (GMT) 1330 US GDP Final Q3 1330 US Initial Jobless ‌Clm 17 January, w/e 1500 US Consumption, ⁠Adjusted MM November 1500 US Core PCE Price Index MM November 1500 US Core PCE Price Index YY November 1500 US PCE Price Index MM November 1500 US PCE ⁠Price Index YY November

(Reporting by Ishaan Arora; Editing by Sherry Jacob-Phillips)