Gold, silver prices retreat

Spot gold slipped 0.5% to $4,604.52 an ounce

Gold and silver futures declined as investors took profits to lock in earlier gains, while less confrontational remarks by US President Donald Trump on the possible removal of the Federal Reserve chair and on relations with Iran reduced the appeal of safe-haven assets.

During Thursday’s session, gold futures for February delivery fell 0.55%, or $24.7, to $4,611 an ounce.

Spot gold slipped 0.5% to $4,604.52 an ounce, while spot silver dropped about 4.45% to $89 an ounce.

The US dollar index, which measures the greenback against a basket of six major currencies, was little changed at 99.16 points at 9:23 a.m. Mecca time.

Silver futures for March delivery declined 2.65% to $88.95 an ounce. Spot platinum fell about 3.7% to $2,314.52 an ounce, while spot palladium slipped 1.8% to $1,798.76 an ounce.

Trump said on Wednesday that he does not intend to dismiss Federal Reserve Chair Jerome Powell, despite a criminal investigation being conducted by the Justice Department, Reuters reported.