Gold Set for Biggest Weekly Gain in a Month on Fed Governor Pick
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Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds
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The precious metal traded near $3,400, eyeing a 1% weekly gain. Trump on Wednesday said he has chosen Council of Economic Advisers Chairman Stephen Miran to fill the seat of Fed Governor Adriana Kugler, but only until January. The search for a permanent replacement would continue, he said. The Bloomberg Dollar Spot Index erased its daily gains on the news.
Miran has been a sharp critic of the central bank, echoing the president's calls for easier monetary policy. Lower rates typically benefit gold which doesn't pay interest.
Separately, the premium for gold futures in New York jumped after the Financial Times reported the US has imposed tariffs on one kilo bullion bars. The report came against a backdrop of growing market nerves over trade tensions with India, Brazil and other partners.
Gold was slightly lower at $3,393.85 as of 8:48 a.m. in Singapore. Palladium and platinum fell, while silver was steady.
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