ETO Markets Global Pulse: Gold Hits $4,888, Then Holds Firm

Market Review

According to ETO Markets monitoring, on January 21 (Wednesday), spot gold rose 0.3% to close at USD 4,778.51 per ounce. Prices briefly surged to a fresh record high of USD 4,888.17 per ounce during the session. U.S. gold futures settled 1.5% higher, reflecting strong momentum in the precious metals complex.

As of January 22 (Thursday) in early Asian trading, spot gold is consolidating at elevated levels near USD 4,812 per ounce. After printing new all-time highs, gains have narrowed. Markets are reassessing risk sentiment following softer rhetoric on Greenland-related tariffs and renewed fluctuations in the U.S. dollar.

Global Headlines

1) Trump Says Greenland Framework Reached, Tariffs Dropped

President Trump said on social media that a “framework agreement” on Greenland and Arctic issues has been reached after discussions with NATO Secretary General Mark Rutte. As a result, tariffs previously scheduled to take effect on February 1 will not be implemented. Trump added that Vice President Vance, Rubio, and Witkoff are involved in follow-up talks, with more details to be released.

2) EU Presses Ahead With Emergency Summit

Despite Trump‘s softer tone on Greenland and tariffs, the European Commission confirmed that an emergency leaders’ summit will proceed as planned. EU officials said internal coordination will continue and that necessary measures will be taken to safeguard European interests, while dialogue with the U.S. remains ongoing.

3) Trump Hints Single FED Chair Candidate Remains

Trump said the shortlist for the next FED Chair may now be down to “just one” candidate, adding that he favors a leadership style similar to Alan Greenspan. He also signaled interest in keeping Hassett in his current role, while mentioning figures such as Riedel and Warsh. Markets continue to assess implications for rate expectations and dollar volatility.

4) Trump Reiterates Greenland Stance at Davos, Backs Nuclear for AI

Speaking at Davos, Trump criticized Europe and Canada, reiterated U.S. interest in Greenland, and emphasized support for nuclear energy to power AI infrastructure. His remarks kept markets sensitive to trade friction and geopolitical risk spillovers.

5) CME FedWatch: June Rate Cut Expectations Rise

CME FedWatch data shows a 95% probability that the FED will keep rates unchanged at its January meeting. By June, the probability of no rate cut falls to 38.3%, while markets price in a 45.9% chance of a 25bp cut, a 14.2% chance of a 50bp cut, and a 1.6% chance of a 75bp cut.

ETO Markets Analyst View (Spot Gold)

From a technical perspective, gold has entered a high-volatility zone following the recent surge. The key short-term reference level sits near USD 4,833. If prices remain below this level, near-term action may favor a corrective pullback, with support zones at USD 4,755 and USD 4,715.

A sustained break and hold above USD 4,833 would reopen upside momentum, with the market likely to retest the USD 4,860 and USD 4,887 areas. A decisive drop below USD 4,755, however, could accelerate downside pressure toward USD 4,715.

With macro headlines and policy signals still dense, short-term pricing remains highly sensitive to shifts in tariff rhetoric and geopolitical risk. In an environment of elevated volatility, disciplined position sizing and close monitoring of key technical levels are advised.

Disclaimer

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