Gold set for weekly fall; platinum hits highest
Spot gold was up 0.3% at $3,349.49 per ounce, as of 0834 GMT, after falling 1.1% in the previous session. The bullion has declined 0.2% so far this week.
US gold futures eased 0.3% to $3,354.70.
The dollar is down 0.4% for the day, but is headed for a second straight weekly rise. A stronger dollar tends to make gold expensive for buyers holding other currencies.
Earlier in the week, a source told Reuters US President Donald Trump was open to firing Fed Chair Powell, but Trump later said he doesn't plan to sack him even as he renewed his criticism over interest rate policy.
Meanwhile, US, data showed that retail sales rose more than expected in June, while initial jobless claims were better than expected.
'Market participants remain concerned about the independence of the Fed. For now, those risks have declined, and US economic data has remained solid, capping the upside for gold,' said UBS commodity analyst Giovanni Staunovo.
'But at the same time, Trump wants to see the Fed cutting rates aggressively... This is putting a floor under the market.'
Bullion is viewed as a safe-haven asset during times of uncertainty and performs well in a low-interest rate environment.
Reuters
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