Gold prices declined on Thursday amid rising risk appetite, after President Donald Trump softened his rhetoric against Fed Chairman Jerome Powell, dispelling fears about his imminent dismissal. Spot gold fell to $3,318.65 per ounce, while September futures fell to $3,323.50. Trump said on Wednesday that Powell's dismissal was unlikely, although he left such a possibility open if violations in the Fed's draft reform were revealed. Earlier, Trump's Republican allies actively called for Powell's removal, criticizing him for refusing to lower rates despite the threat of an economic downturn. Powell himself and the Fed leadership declare that they will keep the rate until the inflationary impact of the new trade tariffs becomes clear. Since the beginning of the year, gold has gained about 28%, thanks to geopolitical tensions, trade wars and active purchases from central banks. However, after reaching a record of over $3,500 per ounce in April, growth slowed. According to analysts, the market needs a new catalyst for further upward movement. Dynamics in the precious metals and raw materials market Platinum rose slightly to $1,435.05 per ounce, holding above the key mark of $ 1,400 – this may signal the potential for further growth. Silver dropped to $38,005 per ounce. Copper on the LME dropped to $9,622.50 per ton, and on COMEX – to $5,4785 per pound.
