Gold falls on stronger dollar after Trump says he won't fire Powell

Gold prices eased on Thursday, pressured by a firmer U.S. dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell. Spot gold was down 0.6% at $3,335.77 per ounce, as of 0958 GMT. U.S. gold futures fell 0.8% to $3,331.30. The dollar index was up 0.3% against its rivals on Thursday, making greenback-priced bullion more expensive for other currency holders. This comes after a reuteurs source on Wednesday that Trump was open to the idea of firing Powell, which pushed gold prices as much as 1.6% higher. However, Trump later said he does not plan to sack Powell but left the door open to the possibility and renewed his criticism of the Fed chief for not lowering interest rates. “Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling,” said Nitesh Shah, commodities strategist at WisdomTree. Investors are, meanwhile, awaiting U.S. ...