Gold prices dipped on Thursday, pressured by a firmer dollar and easing market tensions after U.S. President Donald Trump said it was "highly unlikely" he would dismiss Federal Reserve Chair Jerome Powell.

There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Jerome Powell from the helm of the central bank,

The president suggested he could attempt to remove the Fed chair for cause, arguing the central bank spent too much money on renovations of two historic office buildings.

Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.

Trump claimed that it was former President Joe Biden who appointed Powell to be head of the Federal Reserve. However, Powell was initially appointed to the role by Trump during his first term in 2018 and was reappointed by Biden in 2022.

The yearslong project to spruce up central bank buildings in Washington, D.C., received little attention until recently

But Wall Street barely flinched Monday, opting to tune out the Trump show and stay focused on the relatively cheerier programming on the horizon: a strong corporate earnings season beginning this week and signs that the economy is still in decent shape.