Gold prices recovered from an early drop on Thursday as tensions surrounding Greenland eased, with Goldman Sachs Group Inc. boosting its year-end price forecast by $500, citing growing competition for bullion between central banks and investors.

Bullion traded around $4,830 an ounce, reversing losses of up to 1.2% earlier in the session. The rebound followed U.S. President Donald Trump’s decision to withdraw threatened tariffs on European nations after agreeing on a “framework for a future deal” on Greenland during discussions with NATO Secretary-General Mark Rutte.