Gold prices eased on ​Thursday following a record high in the previous session, as geopolitical and trade risks receded after ⁠U.S. President Donald Trump suggested he may pause military action against Iran and Washington held off ⁠on imposing ‌tariffs on critical minerals. Spot gold was down 0.4% at $4,602.99 per ounce, as of 0931 GMT. Bullion hit a record $4,642.72 on Wednesday.

U.S. gold futures ⁠for February delivery fell 0.6% to $4,607.60.

"(Gold and silver) slid after Trump signalled he may hold off on attacking Iran for now, and after the U.S. held off imposing tariffs on imports of critical minerals, easing a key concern that ⁠in recent months had driven ​unusually large flows of metal into the U.S. ahead of a potential announcement," said Ole Hansen, head of commodity ‍strategy at Saxo Bank.

Trump said on Wednesday he had opted, for now, against imposing tariffs on rare ​earths, lithium and other critical minerals, and instead ordered his administration to seek supplies from international trading partners.

At the White House, Trump said he had been told that killings in Iran's crackdown on protests were easing, adopting a wait-and-see posture after earlier threatening intervention.

Safe-haven gold tends to do well during times of geopolitical and economic uncertainty, as well as low-interest rate environments.

Markets expect the U.S. Federal Reserve to leave rates unchanged at its January 27-28 meeting, but are pricing in at least two 25-basis-point rate cuts this ⁠year.

Spot silver slid 3% to $89.97 per ounce after ‌hitting an all-time high of $93.57 earlier in the session.

"A normalization could see silver slump by 1/3 relative to gold, lifting the (gold-silver) ratio to 70," Hansen added.

Spot platinum receded ‌1.8% to $2,340.54 ⁠per ounce after scaling a record peak of $2,478.50 on December 29, while palladium lost 1.2% to $1,804.29 ⁠per ounce.