Gold Drops as Dollar Strengthens

In today's economic update, gold prices have taken a downturn this Thursday. This decline is attributed to the strengthening of the dollar and a reduction in market tension following a statement from U.S. President Donald Trump. He mentioned it is "highly unlikely" that Federal Reserve Chair Jerome Powell would be dismissed.

By 0400 GMT, the price of spot gold saw a 0.2 percent decrease, settling at 3340.79 dollars per ounce. Concurrently, U.S. gold futures dropped by 0.4 percent, bringing the price down to 3347.10 dollars.

The dollar index witnessed a modest increase of 0.1 percent against major other currencies. This rise in the dollar value generally makes gold, which is dollar-denominated, more expensive for investors holding other currencies.

Other precious metals presented mixed results during this period. In spot trading, silver experienced a minor uptick of 0.1 percent, priced at 37.98 dollars per ounce. Platinum on the other hand, saw a 0.2 percent rise, reaching 1419.67 dollars. In contrast, palladium experienced a slight dip of 0.1 percent, bringing its price down to 1230.14 dollars.