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Gold Prices Fall as Dollar Strengthens Amid Uncertainty Around Powell - Jordan News

Gold Prices Fall as Dollar Strengthens Amid Uncertainty Around Powell - Jordan News

Jordan News19-07-2025
Gold Prices Fall as Dollar Strengthens Amid Uncertainty Around Powell Gold prices declined on Thursday, pressured by a stronger U.S. dollar and easing market tensions after former President Donald Trump stated it was highly unlikely he would dismiss Federal Reserve Chair Jerome Powell. اضافة اعلان Spot gold fell 0.4% to $3,334.19 per ounce by 06:55 GMT, while U.S. gold futures dropped 0.6% to $3,340.30 per ounce. The U.S. dollar index rose 0.4% against a basket of major currencies, making dollar-denominated gold more expensive for holders of other currencies. Jigar Trivedi, Senior Commodity Analyst at Reliance Securities, noted: 'Gold dropped to $3,340 per ounce as the dollar regained solid footing following the easing of uncertainty around the Fed chair position.' Although Trump had previously been open to the idea of removing Powell, he said on Wednesday he currently has no plans to do so. However, he reiterated his criticism of Powell for not cutting interest rates. Data showed U.S. producer prices were unexpectedly flat in June, as weakness in the services sector offset rising goods prices driven by import tariffs. Trivedi added: 'The flat PPI reading in June signals wholesale prices are stable, suggesting tariffs may be having less of an impact on the economy than previously expected.' In international trade developments, EU trade official Maroš Šefčovič headed to Washington for tariff discussions, where he is set to meet with U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamison Greer. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose to 950.79 tonnes on Wednesday, up from 947.64 tonnes in the previous session. As for other precious metals: Spot silver fell 0.2% to $37.87 per ounce Platinum dropped 0.6% to $1,408.85 Palladium declined 1.3% to $1,214.53
— Reuters
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