Gold mirrored the weakness in silver, slipping sharply after failing to hold above its short-term pivot. Earlier rumors of Fed Chair Powell’s possible removal had lifted gold, but President Trump walked back those comments, calming markets. With Fed interference concerns receding, traders turned their focus back to core economic data and central bank guidance—key inputs for both silver and gold pricing.
Traders are eyeing Thursday’s slate of U.S. economic indicators—retail sales, jobless claims, and inflation-linked import/export price data—as well as scheduled speeches from Fed officials. Weak data could revive demand for precious metals, especially if dovish tones emerge in Fed messaging.
WisdomTree’s commodities strategist Nitesh Shah noted that gold’s earlier spike was driven by unfounded rumors, and the subsequent reversal reflects cooling safe-haven demand. Silver, closely tied to gold’s sentiment flow and industrial demand, remains vulnerable to any surprise in Fed rhetoric or macro prints.