Major US stock indices opened higher on Thursday on cooling geopolitical tensions after President Donald Trump backed off from tariffs threat on European nations over Greenland acquisition.

The market sentiments were also boosted by latest US economy data for third quarter. The inflation-adjusted gross domestic product (GDP) rose at a revised 4.4% annualized rate, the fastest in two years.

Official data showed US initial jobless claims steadied at 200,000 last week after a volatile holiday season.

At the opening bell, the Dow Jones Industrial Average rose 0.81%. The S&P 500 rose 0.70%, while the Nasdaq Composite rose 0.97%.

President Trump also said that he had a “good” meeting with Ukrainian President Volodymyr Zelenskiy and expressed renewed hope the war Russia has started four year ago is going to end.

Bullion Market

Gold prices retreated on Thursday as risk appetite improved after President Donald Trump dialed back his threats of Greenland‑related tariffs.

As of 08:57 a.m. ET (1357 GMT), spot gold fell 0.4% to $4,819.39 per ounce, after falling nearly 1% earlier in the session. US gold futures for February delivery slipped 0.3% to $4,821 per ounce.

Among other metals, spot silver edged up 0.2% at $93.47 an ounce, after hitting a record high of $95.87 on Tuesday.

Spot platinum surged 1.5% to $2,520.45 per ounce and palladium added 1.1% to $1,860.25.

Crude Oil

Oil prices dropped on Thursday after Trump softened threats against Greenland and Iran.

At 1301 GMT, Brent crude edged down $1.25 cents, or 1.92%, at $63.99 a barrel.

West Texas Intermediate for March lost $1.24 cents, or 2.05%, to $59.38 a barrel.