Gold steadies as investors keep wary eye on Greenland, Iran

LONDON, Jan 15 (Reuters): Gold prices steadied on Thursday, after falling nearly 1 per cent earlier in the session, as concerns about US President Donald Trump's focus on Greenland provided underlying support for the market while investors assessed the situation in Iran.
Spot gold was steady at $4,619.54 per ounce, as of 1200 GMT. Prices were down nearly 1 per cent earlier in the session, as Trump's suggestion that he may pause military action against Iran dented safe-haven demand. Bullion hit a record $4,642.72 on Wednesday.
US gold futures for February delivery fell 0.3 per cent to $4,623.80.
"Momentum (in gold) is really strong and people are happy to step on the dips and buy any dip they can get their hands on," said Fawad Razaqzada, market analyst at City Index and FOREX.com, adding that concerns about the situation in Greenland were supporting prices.
Trump reiterated on Wednesday that the US needs Greenland and that Denmark cannot be relied upon to protect the island.
Meanwhile, the United States was withdrawing some personnel from key bases in the Middle East as a precaution given heightened regional tensions.