Gold Drops from Recent Highs as Trump Says Powell Stays

Gold prices dipped Thursday as the U.S. dollar strengthened, following comments from President Trump stating he does not plan to remove Federal Reserve Chair Jerome Powell.

This statement eased investor concerns, pulling gold back after a brief rally sparked by earlier rumors that Trump was considering Powell’s removal. Spot gold fell 0.5% to $3,330.21, while U.S. gold futures dropped 0.7%.

Analysts say gold remains range-bound between $3,300 and $3,400 as traders await U.S. economic data and Fed commentary. Silver, platinum, and palladium also saw modest declines.