Gold prices retreated sharply in early trade on Wednesday, with spot gold (XAU/USD) falling 1.46% or $49.48 to $3,331.88, as easing concerns around U.S. monetary policy prompted investors to rotate out of safe-haven assets.
The dip comes after former U.S. President Donald Trump stated he had “no intention of firing Federal Reserve Chair Jerome Powell,” a comment that helped soothe market jitters and lifted risk appetite across global equities and crypto markets.
The yellow metal traded within a range of $3,315.72 to $3,386.72 through the session, with its price still hovering near its 52-week high of $3,499.92.
While gold remains elevated due to broader macro uncertainties and central bank buying, analysts suggest further upside may be capped in the short term if investor sentiment continues to tilt towards riskier assets and the U.S. dollar stabilizes.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.
