Doha: Gold prices dipped on Thursday, pressured by a firmer dollar and easing market tensions after US President Donald Trump said it was "highly unlikely" he would dismiss Federal Reserve Chair Jerome Powell. Spot gold was down 0.2% at $3,340.79 per ounce, and US gold futures fell 0.4% to $3,347.10.
According to Qatar News Agency, the dollar index edged 0.1% higher against its rivals, making greenback-priced bullion more expensive for other currency holders. This increase in the dollar's value typically causes commodities priced in dollars, such as gold, to become more costly for investors using other currencies, thus affecting gold's demand and price.
Elsewhere, spot silver edged 0.1% higher to $37.98 per ounce, while platinum rose 0.2% to $1,419.67. However, palladium nudged 0.1% lower to $1,230.14. The movements in these precious metals reflect the intricate dynamics of the financial market as investors react to changing economic signals and geopolitical developments.