Gold prices retreated on Thursday as a confluence of economic factors created headwinds for the precious metal, while other members of the metals complex displayed remarkable resilience.

Gold markets experienced significant turbulence during Wednesday's trading session, with prices swinging nearly $60 within a two-hour period amid speculation surrounding Federal Reserve Chairman Jerome Powell's potential dismissal.

Gold prices faced downward pressure on Tuesday, closing $22.40 lower at $3,336.70, representing a 0.67% decline as markets digested the latest inflation data and responded to renewed dollar strength.