Gold prices gave up early gains on Thursday, slipping back below $3,330 as momentum faded into the evening session. By 19:00 GMT, spot gold was trading at $3,317.45 an ounce.
The yellow metal remains trapped in a well-worn range between $3,300 and $3,450, weighed down by a firm dollar and muted safe-haven demand. A brief lift came as the greenback dipped following Fed minutes, which showed most policymakers still favour cutting interest rates this year. But the timeline remains hazy.
A split has emerged within the Fed, with several officials warning that Trump’s sweeping trade tariffs could fuel inflation and complicate the case for cuts. Powell has echoed that concern, making clear that tariff uncertainty is one of the main factors holding the central bank back.
At the same time, safe-haven appetite has cooled. Tensions in the Middle East have eased through late June, sapping demand for defensive assets. Gold has also been outpaced by silver and platinum in recent months, as traders seek relative value elsewhere.
For now, gold looks stuck in neutral, supported by long-term macro risk, but lacking any near-term spark.