Emre Yumlu 
After weeks of pushing to record highs, gold and the broader precious metals market experienced a noticeable pullback on Thursday. The decline was largely driven by profit-taking following historic price levels, combined with a softening in geopolitical risk sentiment. Political signals from the United States, in particular, reduced short-term demand for traditional safe-haven assets.
Gold Retreats After Historic Highs
Spot gold prices slipped around 0.4% during the session, falling to approximately $4,611.71 per ounce. The move came shortly after gold reached an all-time high of $4,642.72 in the previous trading session. US gold futures reflected a similar pattern, with February contracts declining about 0.9% to $4,594.10.
Market analysts largely interpret this pullback as a technical correction rather than a shift in the broader trend. However, the easing of geopolitical tensions has accelerated selling pressure in the short term, prompting traders to lock in gains after the recent rally.
Political Signals Weigh on Safe-Haven Demand
Comments from US President Donald Trump played a key role in shaping market sentiment. Despite ongoing unrest in Iran, Trump’s relatively cautious stance and implied “wait-and-see” approach toward potential military action reduced immediate fears of escalation. As a result, investor appetite for safe-haven assets weakened.
Additionally, Trump indicated that he does not currently intend to remove Federal Reserve Chair Jerome Powell from his position, despite ongoing scrutiny surrounding the central bank. Although he emphasized that no final decision has been made, the remarks helped ease uncertainty and contributed to a calmer risk environment in financial markets.
Focus Shifts to US Economic Data
Attention is now turning to upcoming US weekly jobless claims data, which could influence expectations around Federal Reserve policy. Markets continue to price in the possibility of two interest rate cuts later this year. Lower interest rates typically support non-yielding assets such as gold, especially during periods of economic uncertainty.
For this reason, investors are closely monitoring whether the current pullback develops into a deeper correction or remains a temporary pause within a broader bullish structure.
Silver and Platinum See Sharper Moves
Selling pressure was more pronounced across other precious metals. Spot silver reached a record high of $93.57 earlier in the session before dropping sharply by roughly 5.5% to $87.62. Prices later rebounded modestly, recovering toward the $89 level at the time of writing.
Platinum declined around 3.3% to $2,305.90, while palladium fell approximately 2.6%, hovering near $1,778.80. Overall, the market is showing signs of short-term consolidation, with investors reassessing risk following an extended rally across the precious metals complex.
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