Gold prices eased on Thursday, pressured by a firmer US dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell, reports Reuters.
Spot gold was down 0.6 per cent at $3,324.81 per ounce, as of 0958 GMT. US gold futures fell 0.9 per cent to $3,330.40.
The dollar index was up 0.3 per cent against its rivals on Thursday, making greenback-priced bullion more expensive for other currency holders.
This comes after a source told Reuters on Wednesday that Trump was open to the idea of firing Powell, which pushed gold prices as much as 1.6 per cent higher.
However, Trump later said he does not plan to sack Powell but left the door open to the possibility and renewed his criticism of the Fed chief for not lowering interest rates.
"Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling," said Nitesh Shah, commodities strategist at WisdomTree.
Investors are, meanwhile, awaiting US jobless claims and retail sales data on Thursday, along with speeches by several Fed officials that may offer insights into the central bank's policy outlook.
In tariff-related news, Trump said on Wednesday that the US will probably "live by the letter" on tariffs with Japan and may have a trade deal coming up with India.
"I think if we come out of (the tariff deadline of) August 1 with much better trade deals, then that could be gold price-negative," Shah said.
Analysts noted that gold is currently showing limited reaction to trade uncertainties and is awaiting fresh catalysts. Prices remain range-bound between $3,300 and $3,400.
Elsewhere, spot silver fell 0.2 per cent to $37.86 per ounce. Platinum rose 0.1 per cent to $1,418.63 and palladium was steady at $1,231.44.
© 2025 - All Rights with The Financial Express
