Gold prices rose on Thursday, supported by a weaker U.S. dollar and lingering uncertainty about the Federal Reserve’s policy path. Spot gold climbed 0.2% to $3,339.38 per ounce, while U.S. gold futures added 0.3% to $3,352.30.
The softer dollar improved gold’s appeal for overseas buyers. At the same time, public criticism from President Trump directed at Fed Chair Jerome Powell amplified concerns about the central bank’s independence. Powell has warned that tariff-driven pressures could lead to persistent inflation, which in turn may temper expectations for near-term rate cuts.
Analysts say gold is likely to trade within a $3,000 to $3,500 range until the Fed provides clearer signals on policy. Market participants are watching key economic releases closely — including Thursday’s GDP figures and Friday’s Personal Consumption Expenditures inflation report. Should inflation indicators point to cooling, gold could test the $3,400 area as demand for safe-haven assets strengthens.
Other precious metals posted notable gains. Palladium jumped about 3.5% to reach its highest level since late 2024, while platinum surged roughly 3.4% to levels not seen since 2014. Those moves were driven in part by expectations of continued demand from traditional internal combustion engine vehicles, as some governments and industries delay transitions to electric vehicles.
Looking ahead, traders will continue to monitor Fed commentary, trade policy developments and incoming economic data for cues that could shift momentum in the metals complex. A clearer inflation trajectory and any change in rate-cut expectations will likely be the primary drivers of the next directional move for gold and other precious metals.