Gold retreats from record highs
Gold and silver prices fell on Thursday, January 15, as traders took profits after three consecutive record gains. A less strident tone from US President Donald Trump regarding the Federal Reserve chairman and Iran also dampened demand for the precious metal.
Trump said he has no plans to fire Federal Reserve Chairman Jerome Powell despite the Justice Department's criminal investigation against him, but that it is "too early" to say what he will ultimately do.
Regarding Iran, Trump said the crackdown on protests in the country appears to be abating, while Tehran warned it would strike US military bases in the region if Washington attacks it.
Analysts say concerns about the Fed's independence and about confidence in US assets have boosted demand for gold as a safe-haven asset
On the economic data front, US retail sales exceeded expectations in November, while the Producer Price Index (PPI) reading came in line with monthly forecasts but surpassed annual estimates, following weaker-than-expected core CPI figures for December released on Tuesday.
Investors will be focused today on US jobless claims for the first week of January to assess labor market conditions and look for clues about the direction of monetary policy.
Gold fell 0.1% in spot trading to $4,614.97 per ounce.
The precious metal hit a record high of $4,642.72 in the previous session.
US gold futures for February delivery declined 0.3% to $4,619.80.
As for silver, the spot price fell by about 5.1% to $87.90 per ounce after reaching an all-time high of $93.57 earlier in the session.
