Gold prices fell after Donald Trump cancelled his tariff threat against Greenland.

The price of gold fell as President Trump of the United States cancelled tariffs on several European countries due to the Greenland issue, easing some of the geopolitical concerns that had previously driven gold prices higher. New York gold futures fell 0.2% to $4,829.10 per ounce, but prices are still above the $4,800 level and are expected to rise by 4% this week. The focus now shifts to the Personal Consumption Expenditures Price Index data for clues about the Federal Reserve's interest rate path. According to Aaron Hill of FP Markets, despite the Fed hinting at one rate cut this year, the market continues to reflect expectations of two rate cuts, with the earliest possible starting in June or July and another in the fourth quarter. The chief market analyst said that stronger inflation data could boost the dollar and push back expectations of rate cuts, while weak data could make the rate cut in April a focus of attention in the market.