Gold prices retreat on Thursday

Gold fell on Thursday, easing from Wednesday’s record of $4,642.72 per ounce, as investors booked profits and US signals reduced safe-haven demand. Spot gold dropped 0.3 per cent to $4,608.77, while US February futures fell 0.5 per cent to $4,613.

The retreat followed comments from US President Donald Trump indicating a more cautious approach toward Iran, reducing fears of imminent military intervention. Trump also signalled he had no immediate plans to remove Federal Reserve Chair Jerome Powell, though uncertainty remains amid a Justice Department investigation.

Market watchers noted that upcoming US weekly jobless claims could influence expectations for two interest rate cuts this year. Traditionally, a low-interest-rate environment and geopolitical uncertainty support demand for non-yielding assets such as gold.

Other precious metals also slipped, with silver down 3.4 per cent to $89.63 per ounce after earlier hitting a record $93.57, platinum declining 2.6 per cent to $2,321.65, and palladium falling 1.3 per cent to $1,804.10.

Attribution: Reuters