- January 22, 2026
- Posted by: EWGFX
- Category: news
Goldman Sachs raised its gold price forecast for December 2026 to $5,400 per ounce, up from its previous estimate of $4,900 per ounce
Gold prices declined on Thursday as easing geopolitical risks reduced demand for safe-haven assets after U.S. President Donald Trump stepped back from fresh tariff threats and suggestions of forcibly annexing Greenland. A stronger U.S. dollar also weighed on prices.
In the UAE, gold rates posted a marginal increase of AED0.75, with 24-carat gold rising to AED577.75 and 22-carat gold reaching AED535. Additionally, 21-carat gold edged up to reach AED513, while 18-carat gold hit AED439.75.
Meanwhile, 14-carat gold gained AED0.5 to AED343.
Globally, spot gold fell 0.76 percent to $4,797.8 an ounce by 5:38 GMT, retreating from a record high of $4,887.82 reached in the prior session, while U.S. gold futures for February delivery slipped 0.86 percent to $4,795.90 an ounce.
Tensions over Greenland ease
Gold prices fell after Trump abruptly retreated on Wednesday from using tariff threats as leverage to take control of Greenland, ruled out the use of force and signaled that an agreement could be close, easing a dispute over the Danish territory that had threatened the most severe strain in transatlantic relations in decades.
“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” said Trump in a Truth Social post.