Gold Retreats from Record High as Profit-Taking and Easing Geopolitical Fears Weigh

Gold prices slipped as investors booked profits after the precious metal touched a record high on Wednesday, while easing concerns over imminent U.S. military action against Iran reduced demand for safe-haven assets. Sentiment was further pressured by President Donald Trump’s softer tone toward Federal Reserve Chair Jerome Powell.

In an interview with Reuters, Trump said he has no plans to remove Powell despite a Justice Department criminal investigation, helping to ease worries about the Fed’s independence. Gold futures in New York fell 0.6% to $4,608.60 per troy ounce.

Markets are now focused on U.S. weekly jobless-claims data for clues on the Federal Reserve’s policy outlook, as lower interest rates tend to support non-yielding assets such as gold. Meanwhile, silver prices retreated sharply, with futures down 2.1% to $89.48 an ounce.