According to a report by Jin Shi Data, gold prices fell on Thursday after U.S. President Trump stated that it is 'highly unlikely' that he would remove Federal Reserve Chairman Powell, which led to a rise in the dollar and eased market tensions. Jigar Trivedi, a senior commodity analyst at Reliance Securities, pointed out that with the uncertainty surrounding the Fed chair position eased, the dollar regained strength, and gold fell to around $3,330 per ounce.
Additionally, data showed that the U.S. Producer Price Index (PPI) unexpectedly remained flat in June, as rising costs of goods due to import tariffs were offset by weak service demand. Trivedi stated that the flat PPI in June indicates stability in wholesale prices, suggesting that the impact of tariffs on the economy may be less than expected.
