Wells Fargo's Mike Mayo on state of the banking sector, future of regulation and top bank stock
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Gold price today, Thursday, August 21, 2025: Gold rises after Trump calls for Fed governor resignation
Gold (GC=F) futures opened at $3,392.20 per ounce on Thursday, up 1.5% from Wednesday's close of $3,343.40. Thursday's opening price is gold's highest start since August 8. On Wednesday, President Donald Trump called for the resignation of Federal Reserve Governor Lisa Cook, citing an accusation of mortgage fraud against her. Cook was appointed by former President Joe Biden. Should Cook resign or get fired, Trump could nominate an ally as her replacement. Trump has openly lobbied for lower interest rates, implying that he could fire Fed chair Jerome Powell. His attempts to influence the Fed raise concerns about the central bank's independence. Those concerns could introduce uncertainty into the stock market and raise the demand for gold as a safe-haven asset. Current price of gold The opening price of gold futures on Thursday is up 1.5% from Wednesday's close of $3,343.40 per ounce. Thursday's opening price is up 1.4% from the opening price of $3,346.80 one week ago on August 14. In the past month, the gold futures price has gained 1.3% compared to the opening price of $3,350.30 on July 21, 2025. In the past year, gold is up 35.1% from the opening price of $2,511 on August 21, 2024. Don't forget you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week. Want to learn more about the current top-performing companies in the gold industry? Explore a list of the top-performing companies in the gold industry using the Yahoo Finance Screener. You can create your own screeners with over 150 different screening criteria. How to invest in gold Investing in gold is a four-step process: Set your goal. Set an allocation. Choose a form. Consider your investment timeline. After deciding why you want to invest in gold and selecting the size and form of your gold investment, consider your investment timeline as a final suitability check. Gold can be volatile. It has demonstrated extended periods of decline in the past. Extended periods of decline are not acceptable if your timeline is short. The risk is too great that gold's price will be down when you need to liquidate. An extended holding period provides greater potential for reaching your investment goals. As an example, hedging against stock market declines or inflation is a long-term effort. These outcomes will continue to be risks as long as you own stocks or cash deposits. Holding gold as insurance against an economic calamity requires you to keep the asset until you need it. Learn more: How to invest in gold in 4 steps Gold as a safety net A small gold position can act as a stabilizer for your stock portfolio and your purchasing power. If you choose physical gold stored at home, it can also stand in as currency in the worst of economic crises. Just know that gold has underperformed stocks in the past, so choose your target allocation accordingly. Learn more: What to know before buying gold, silver, or platinum from Costco Price-of-gold chart Whether you're tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal's steady upward climb in value. Historic price of gold Historically, gold has shown extended up cycles and down cycles. The precious metal was in a growth phase from 2009 to 2011. It then trended down, failing to set a new high for nine years. In those lackluster years for gold, your position will negatively impact your overall investment returns. If that feels problematic, a lower allocation percentage is more appropriate. On the other hand, you may be willing to accept gold's underperforming years so you can benefit more in the good years. In this case, you can target a higher percentage. The precious metal has been in the news lately, and many analysts are bullish on gold. In May, Goldman Sachs Research predicted gold would reach $3,700 a troy ounce by year-end 2025. That would equate to a 40% increase for the year, based on gold's January 2 opening price of $2,633. Rising demand from central banks, along with uncertainty related to changing U.S. tariff policy, are the factors driving the increase. If you are interested in learning more about gold's historical value, Yahoo Finance has been tracking the historical price of gold since 2000.
CNBC
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Dollar drifts as investors ponder Fed independence, await Jackson Hole
The U.S. dollar drifted on Thursday as investors awaited policy cues from the Federal Reserve's Jackson Hole symposium while keeping an eye on renewed concerns over central bank independence after President Donald Trump's latest salvo. The euro and sterling were flat at $1.1652 and $1.3451, respectively, while the Japanese yen and Swiss franc nursed modest losses. Odds of a rate cut by the Federal Reserve next month eased slightly to 82%, offering mild support to the dollar as focus remained on whether Powell will push back against market expectations for a September cut when he speaks on Friday. There would likely be a greater reaction if Powell were to indicate the Fed could keep rates steady again, than if he leans in the direction of a cut, said Kenneth Broux, head of corporate research for FX and rates at Societe Generale. "The risks are asymmetric. Because it (a cut) is already priced in, the risk is that we go back to 50-50," said Kenneth Broux, head of corporate research for FX and rates at Societe Generale. The reaction to that would be a sell-off in near-tenor U.S. treasuries and a firmer dollar, Broux said. U.S. President Donald Trump's call for Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies has meanwhile revived investor concerns over his efforts to gain influence over the central bank. Trump has also repeatedly criticised Powell for being too slow to cut rates, and has called for his resignation while acknowledging that the Fed's unique status prevents him from firing its board members over monetary policy disputes. "It has the potential to raise questions around the Fed's oversight and regulatory functions but it has little to no near-term monetary policy implications," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. That explained the relatively subdued reaction in the currency markets to the news as the dollar initially dipped before quickly paring losses and nudging higher. Investors expect Trump will replace Powell, whose term ends in May, with a more dovish appointment. Earlier this month, Trump also said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Adriana Kugler unexpectedly resigned. The dollar index, which measures the U.S. currency against six other peers, was up 0.1% at 98.337, on course for a 0.4% rise this week. The benchmark U.S. 10-year yield was a touch higher at 4.30%, while the two-year yield, which is more sensitive to the monetary policy, ticked up slightly to 3.756%. Some analysts cautioned that markets could end up being disappointed by Powell's speech on Friday, noting that the impact of Trump's tariffs on inflation remains unclear. Elsewhere, the Norwegian krone rose 0.4% against the dollar and 0.5% against the euro, after data showed that Norway's mainland economy grew at a faster pace than economists had expected in the second quarter. First quarter growth was also revised up. Bearish bets on China's yuan, meanwhile, hit their highest since mid-May, with analysts turning short spurred by mounting concerns over the economy, a Reuters poll showed on Thursday.
