Gold prices fell in Asia on Thursday because investors were less worried after the U.S. president calmed fears that he might fire the head of the Federal Reserve too soon.
Other metal prices also dropped due to the strong U.S. dollar, which stayed close to a three-week high after inflation data showed that prices didn’t change much in June.
Spot gold went down by 0.2% to $3,342.09 per ounce. Gold futures for September delivery dropped 0.3% to $3,348.40 per ounce.
Worries about the Federal Reserve Chairman being removed had grown after the U.S. president criticized the Fed. Some Republican lawmakers even called for Powell to be fired immediately.
However, the Fed is expected to keep interest rates the same at the end of this month, especially after recent inflation data showed prices stayed steady in June.
Looking at other metals, spot platinum rose slightly to $1,424.55 per ounce. It had stayed above $1,400 on Wednesday, showing signs of strength, according to analysts at ANZ.
