Gold prices fell on Wednesday after U.S. President Donald Trump stepped back from threats to fire Federal Reserve Chairman Jerome Powell and voiced optimism about reaching a trade deal with China, weakening the metal’s safe-haven appeal.
By 05:52 GMT, spot gold was down 1.9% at $3,318.71 per ounce, while U.S. gold futures slid 2.7% to $3,328.10. This decline followed a record high of $3,500 per ounce on Tuesday—its 28th this year.
The U.S. dollar and stocks rebounded on Trump’s softened stance, while Treasury Secretary Scott Besant said trade talks with China will be “exhausting” but may ease tensions.
Meanwhile, the price of Kuwaiti oil rose to $71.11 per barrel.
Among other precious metals, silver gained 0.4% to $32.64 per ounce, platinum dipped 0.1% to $957.90, and palladium fell 0.5% to $931.51. JPMorgan forecasts gold could top $4,000 an ounce in 2026.
