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Gold prices tripped by nearly 1% at $3,330 per ounce on Thursday, reversing previous gains as the US dollar strengthened following reduced uncertainty over Federal Reserve leadership. President Trump denied reports of considering Fed Chair Jerome Powell's removal, though he reiterated his dissatisfaction with current rate policy. The dollar index climbed to 98.5, regaining momentum after a volatile session linked to concerns over Fed independence. Meanwhile, a flat US PPI reading for June suggested muted wholesale price pressures, easing fears of tariff-driven inflation and reducing demand for safe-haven assets. On the domestic front, MCX August gold futures dropped over 0.5% to ₹97,206 per 10 grams, tracking the global pullback.

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