The price of gold fell due to profit-taking and easing concerns over Iran.

Gold prices fell as investors took profits after the precious metal hit record highs on Wednesday, while concerns about potential U.S. military action against Iran eased, dampening demand for safe-haven assets. U.S. President Trump softened his tone towards Federal Reserve Chairman Jerome Powell, further weighing on market sentiment. In an interview, Trump said he has no plans to fire Powell despite an ongoing criminal investigation by the Justice Department. New York gold futures fell 0.6% to $1,608.60 per ounce. Investors are currently focused on U.S. weekly initial jobless claims data for clues on the Fed's policy outlook, as rate cuts tend to support non-yielding assets like gold. Meanwhile, silver prices dropped significantly, with futures down 2.1% to $89.48 per ounce.