Gold prices slipped on Thursday as the U.S. dollar strengthened after President Trump said he does not intend to remove Federal Reserve Chair Jerome Powell.
The clarification eased investor fears that had fueled a brief rally earlier in the day, when reports suggested Trump might replace Powell. Spot gold retreated about 0.5% to $3,330.21, while U.S. gold futures fell roughly 0.7%.
Market participants say gold is likely to trade within a defined range near $3,300 to $3,400 in the near term as traders await fresh U.S. economic releases and further Fed commentary. Other precious metals, including silver, platinum and palladium, also recorded modest declines amid the stronger dollar and reduced risk premiums.
Investors continue to monitor upcoming data on inflation, employment and central bank remarks, which could shift expectations for interest rates and the dollar — key drivers for bullion prices. For now, the market appears to be consolidating after the volatility created by the earlier reports, with traders focused on macroeconomic signals that will determine whether precious metals reassert momentum or remain range-bound.