Gold drifted lower on Thursday after surging to new highs on Wednesday. Spot gold fell half a percent to $4,605.10 an ounce amid easing geopolitical tensions and Fed independence concerns. U.S. gold futures were down 0.60 percent at $4,607.71.
Fears of an imminent U.S. action against Iran ebbed as U.S. President Donald Trump appeared to soften rhetoric against Iran.
Trump said he had received information “on good authority” that Iran has stayed fast trials and executions of protesters, signaling he may hold off on attacking the country for now.
Iran, however, has pushed back, threatening to strike U.S. military bases and Israel if Washington interferes.
Meanwhile, U.S. President Donald Trump told Reuters in an interview that he has no plans to fire Jerome Powell, but it was “too early” to say what he would ultimately do.
Federal Reserve Governor Stephen Miran said on Wednesday comments from foreign central banks in defense of Powell were inappropriate.
“I don’t think it is appropriate for central bankers to get involved in non-monetary policy issues in their own country, and I think it is even less appropriate in other countries,” Miran told an economic forum in Athens after the heads of the ?European Central Bank, the Bank of England, the Bank of Canada and eight other institutions said that central bank independence was crucial for keeping prices and financial markets stable.
The dollar index held steady near a one-month high it touched on Wednesday on upbeat retail sales data and Fed Beige Book survey results.
The release of the weekly U.S. initial jobless claims report and speeches from various Federal Reserve officials, including Raphael Bostic, Michael Barr, Thomas Barkin and Jeff Schmid may garner investor attention later in the day.
Philadelphia Fed President Anna Paulson stated on Wednesday that interest rates could move later this year if inflation continues to slow and the labor market stabilizes.
Minneapolis Fed President Neel Kashkari said he expects inflation to moderate in 2026 and remains optimistic about the economic outlook.
Atlanta Fed President Raphael Bostic emphasized that inflation is still quite far from where it needs to be.
Market Analysis
Gold Slips From Record Highs
2026-01-15 09:52:46
