Gold prices dipped to around $4,600 per ounce on Thursday but remained close to record levels, as markets continued to assess the potential depth of US rate easing amid ongoing global uncertainties. November producer price data, both headline and core, came in softer than anticipated, reinforcing earlier signals from a tame December consumer inflation report. The figures supported expectations that the Federal Reserve has flexibility to implement multiple rate reductions this year. However, some policymakers remain cautious, warning that inflation pressures may prove harder to fully subdue. Meanwhile, concerns over Fed independence persisted after global central bank leaders rallied behind Chair Powell following threats of a criminal indictment from the Trump administration. On the geopolitical front, President Trump signaled he could delay action against Iran, easing fears of an imminent US military intervention and slightly weighing on the metal’s safe-haven appeal.