Gold futures eased 0.2% to $3,425.40 a troy ounce, though they remain up 1.1% for the week and near multi-week highs. The pullback reflects profit-taking and position adjustments, but safe-haven demand stays firm after President Trump’s move to oust Federal Reserve Governor Lisa Cook raised concerns about the Fed’s independence.

The short-term outlook remains positive amid expectations of a September U.S. rate cut following Fed Chair Jerome Powell’s dovish Jackson Hole speech, notes XS.com’s Linh Tran. Still, caution is warranted given the risk of persistent inflation. Medium term, gold’s trend looks constructive, supported by rate-cut expectations, steady central-bank demand, and ongoing geopolitical uncertainty, Tran adds.