Doha: Gold prices fell on Wednesday after US President Donald Trump retreated from threats to dismiss Federal Reserve Chair Jerome Powell and showed optimism regarding a potential trade agreement with China, which affected the safe-haven appeal of bullion.
According to Qatar News Agency, spot gold decreased by 0.7% to 3,357.11 an ounce, while US gold futures dropped by 1.5% to 3,366.80. Gold, often used as a hedge against global uncertainty and inflation, had reached its 28th record high of the year, surging to 3,500 for the first time on Tuesday.
In other precious metals, spot silver increased by 0.5% to 32.67 an ounce. Meanwhile, platinum decreased by 0.2% to 957.53, and palladium also declined by 0.2% to 933.72.