Gold prices held steady in Asian trading on Thursday as tensions between former U.S. President Donald Trump and Fed Chair Jerome Powell weighed on the U.S. dollar, supporting demand for the yellow metal. Spot gold hovered near $3,336 per ounce, while gold futures rose 0.1%.
Trump criticized Powell and renewed calls for lower interest rates, even suggesting a leadership change at the Federal Reserve. This raised doubts about central bank independence, pressuring the dollar and providing mild support for gold.
However, the metal’s upside was capped as ceasefire efforts between Israel and Iran continued, easing geopolitical tensions and reducing the market’s immediate need for safe-haven assets.
In broader metals markets, platinum surged 1.6% to a 10-year high, while silver climbed 0.7%. Copper also gained, buoyed by a weaker dollar and growing expectations that China may unveil new economic stimulus measures.