Gold Edges Lower

Gold prices fell to around $3,340 per ounce on Thursday, giving back gains from the previous session as the US dollar regained ground following eased uncertainty over the Federal Reserve chair’s position. While reports suggested President Donald Trump considered removing Fed Chair Jerome Powell, he later denied the claims but reiterated criticism over interest rate policy. Meanwhile, June’s flat US PPI reading indicated steady wholesale prices, suggesting tariffs may be impacting the economy less than initially feared, contrasting with the rise seen in June’s CPI report. On the trade front, the EU’s top trade official traveled to Washington on Wednesday for tariff talks with key US trade and commerce representatives. US-China tensions also cooled with the lifting of the AI chip ban and a new trade deal with Indonesia, easing trade concerns and dampening gold’s safe-haven appeal.