Spot Gold retreated on Thursday, weighed down by a firmer US Dollar and as market tensions eased after US President Trump said it was “highly unlikely” that he would fire Federal Reserve Chair Jerome Powell.
Yesterday Trump said that he was not planning to dismiss Powell, but kept the door open to that possibility. Trump also continued criticizing the Fed Chair for not reducing interest rates.
Meanwhile, the US Dollar Index held near a one-month high and was last up 0.45% to 98.723.
A firmer dollar makes dollar-priced Gold less appealing to international investors holding other currencies.
On the tariff front, EU trade chief Maros Sefcovic is to meet US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer for trade talks in Washington.
On the data front, US producer prices were surprisingly unchanged in June.
“June’s flat U.S. PPI reading indicated steady wholesale prices, suggesting tariffs may be impacting the economy less than initially feared,” Jigar Trivedi, senior commodity analyst at Reliance Securities, was quoted as saying by Reuters.
Spot Gold was last down 0.50% on the day to trade at $3,330.71 per troy ounce.
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