Gold is trading lower in mid-European trading today, Thursday, July 17, as market fears ease after the US President denied reports of the dismissal of Federal Reserve Chairman Jerome Powell. This supported the rise of the US dollar and the decline of the metal amid anticipation of US retail sales figures. The yellow metal is trading down about 0.60% at $3,325 per ounce, while silver is trading down 0.38% at $37.80 per ounce. The yellow metal had risen by more than 1.5% on Wednesday after Reuters reported that US President Donald Trump intended to fire Federal Reserve Chairman Jerome Powell. US media reported that Trump had discussed the idea with Congress and that it had found support among Republicans in Congress. The US president then denied the idea, asserting that he had no plans to fire Powell, and that it was unlikely because his dismissal would unsettle markets. He also stated that he would prefer Powell to resign from his position. He renewed his criticism of the Federal Reserve for not cutting interest rates.

Markets are awaiting US retail sales figures this evening, along with weekly unemployment claims and the Philadelphia Fed manufacturing index. Retail sales are expected to rise 0.1% in June after falling 0.9% in May.

The US dollar index rose 0.40%, trading at 98.44, after sharp declines of more than 1% following Powell’s dismissal on Wednesday. The dollar tested 97.40 before resuming its rise following Trump’s statements and the denial of Powell’s dismissal. Platinum, in turn, is trading at $1,414, down about 0.17%, while palladium is down about 0.34%, trading at $1,225.