Trump softens tone: Gold and silver retreat from record highs

Gold and silver prices retreated from record highs after US President Donald Trump adopted a more conciliatory tone regarding Federal Reserve Chair Jerome Powell and tensions with Iran, reducing short-term safe-haven demand.

Pullback after record levels

After hitting an all-time high of $4,643 per ounce on Wednesday, spot gold slipped 0.54% to $4,607 in the fourth trading session of the week.

Spot silver also declined sharply, falling 4.33% to $89.25 after previously reaching a record high of $93.65.

Softer signals on Iran and the Fed

Trump said he had received assurances that Iran would stop killing protesters, suggesting that a potential military strike could be postponed.

He also stated that he has no plans to remove Fed Chair Jerome Powell, despite an ongoing criminal investigation.

“The core bullish narrative remains intact”

Ilya Spivak, Head of Research at Tastylive, noted that the pullback was driven by easing geopolitical risks but stressed that the underlying bullish story for precious metals remains intact.

Other precious metals weaken

Alongside gold and silver, platinum and palladium also moved lower. Platinum fell 3.65% to $2,321, while palladium dropped 3.68% to $1,799.