Gold prices slip as dollar firms, but Fed turmoil limits losses

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Dec. 22, 2023. - Photographer: Chalinee Thirasupa/Bloomberg

Gold prices slipped on Wednesday, pressured by an uptick in the dollar, although renewed concerns over the U.S. central bank's independence after President Donald Trump's threat to fire Federal Reserve Governor Lisa Cook lent support to bullion.

Spot gold was down 0.5% at $3,376.99 per ounce, as of 0701 GMT, after hitting its highest level since August 11 on Tuesday.