Gold Futures Fall on Easing Safe-Haven Demand, Rate Cut Uncertainty

Gold futures slide, returning gains made earlier in the session. Futures are down 0.2% at $3,334.90 a troy ounce.

The precious metal had earlier risen as high as $3,363.90 an ounce on U.S. dollar weakness, though it has since slipped on easing Middle East tensions and Federal Reserve interest rate cut uncertainty.

Gold is 2.1% lower on week after a sharp selloff on Monday, prompted by the cease-fire agreement between Israel and Iran. At the same time, Fed Chair Jerome Powell said in his testimony to Congress that the Trump's administration's tariff plans will stoke inflation, Trade Nation's David Morrison says in a note.