Gold futures held near $4,400 an ounce on Thursday, consolidating gains after a 1.6% rebound the prior session as remarks from U.S. President Donald Trump and Federal Reserve officials eased concerns over persistent inflation pressures.
Trump suggested that recent U.S. strikes on Iran would likely remain limited, reducing fears of prolonged oil supply disruptions that could stoke energy-driven inflation. Meanwhile, New York Fed President John Williams indicated that U.S. inflation is continuing to ease, citing fading tariff impacts and limited pass-through from higher energy prices to broader services.
The remarks contrasted with a more hawkish tone delivered by Fed Chair Kevin Warsh at the Jackson Hole symposium last week, which had initially boosted expectations of a rate hike at the upcoming September policy meeting. The mixed signals from Fed officials contributed to a tempered market reaction, with gold futures up 0.3% at $4,429.21 and spot gold little changed at $3,484.21.
The U.S. dollar index held steady at 99.57, while a weaker yen—amid renewed speculation of potential currency intervention—provided additional support for the precious metal. Silver edged 0.1% lower to $65.26 an ounce, while platinum remained flat at $1,760.62.
Labor market data added to the cautious outlook, with U.S. private payrolls rising by 38,000 in August according to the ADP employment report, a pace well below recent averages and further reducing expectations for aggressive Fed tightening.
