Trump Downplays Powell Firing, Dollar Strengthens Markets

Gold prices edged lower as the U.S. dollar strengthened following President Donald Trump's comments that it was "highly unlikely" he would dismiss Federal Reserve Chair Jerome Powell, easing market fears and reducing safe-haven demand. The dollar gained against major currencies, while U.S. equities and Asian stocks showed mixed but generally positive movements after Trump's clarification that he is not planning to remove Powell, despite keeping the possibility open amid his criticism of the Fed's interest rate stance. Treasury yields rose modestly, reflecting market volatility tied to uncertainty over Powell's future and inflation data that suggested the Federal Reserve may hold rates steady. Trump also indicated plans to notify over 150 countries of tariffs possibly set at 10% or 15%, while easing his confrontational tone toward China to pursue a trade summit. Wall Street leaders, including CEOs of Bank of America, Goldman Sachs, and JPMorgan, emphasized the importance of Federal Reserve independence amid concerns over political pressure. Meanwhile, precious metals like platinum and silver remained resilient despite gold's slight dip, supported by ongoing trade tensions and economic uncertainty.