Spot gold edged ‍lower after nearing the $5,000-an-ounce mark ‍earlier on Friday, as investors booked profits after prices struck another record driven ​by the uncertain geopolitical outlook.

Silver and platinum also hit all-time peaks.

Spot gold was down 0.1% at $4,930.44 per ounce, ⁠as of 1028 GMT, after scaling a record $4,967.03 earlier in the day. Prices have risen 14% since the ⁠start of ‌this year.

U.S. gold futures for February delivery added 0.4% to $4,932.20 per ounce.

"Despite easing geopolitical and tariff-related risks, market caution remains rife with uncertainty still in the air," Lukman ⁠Otunuga, senior research analyst at FXTM said. "In the near term, technical forces and profit taking limit upside gains." U.S. President Donald Trump said on Thursday that he had secured total and permanent U.S. access to Greenland in a deal with NATO. While relieved Trump had stepped back from his ⁠threats of tariffs over his demand for ​control of the island, EU leaders said they remained ready to act if Trump's future behaviour made that necessary.

CENTRAL BANK BUYING ‍AND DE-DOLLARISATION ALSO DRIVE RALLY

Buying by central banks and a broader de-dollarisation trend have helped to push gold higher ​and higher, as investors seek shelter from global policy risks and volatility.

Meanwhile, the Federal Reserve is expected to hold rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026..

A low-interest-rate environment and economic uncertainty traditionally favour non-yielding assets such as gold. Gold premiums in India jumped this week to their highest level in more than a decade, as investors rushed to buy the metal on expectations of a duty hike in the upcoming budget, while China premiums dipped.

Spot silver surged 2.4% to $98.47 an ounce, after hitting a record high of $99.34 earlier, ⁠with a yearly gain of 37% thus far in 2026.

"Traditionally, ‌silver hasn't been a haven asset class in the past, but maybe its role is migrating," said Nitesh Shah, commodities strategist at WisdomTree. He said, however, prices could ease if the price surge leads ‌industrial demand ⁠to shrink.

Spot platinum gained 1.5% to $2,667.47 per ounce after hitting a record $2,684.43 earlier, already up 30% year-to-date, while palladium ⁠fell 0.7% to $1,907.45.