Gold rises as weaker dollar
Ammon News - Gold edged higher on Thursday, supported by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October.
The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion.
Spot gold was up 0.1% at $3,336.02 per ounce, as of 0640 GMT. U.S. gold futures rose 0.2% to $3,349.30.
The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers.
Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the Fed to be cautious about further rate cuts.
Spot silver edged up 0.1% to $36.34 per ounce, platinum firmed 1.8% to $1,379.58, while palladium rose 3.4% to $1,093.70. Reuters
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Ammon News - Gold edged higher on Thursday, supported by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion. Spot gold was up 0.1% at $3,336.02 per ounce, as of 0640 GMT. U.S. gold futures rose 0.2% to $3,349.30. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the Fed to be cautious about further rate cuts. Spot silver edged up 0.1% to $36.34 per ounce, platinum firmed 1.8% to $1,379.58, while palladium rose 3.4% to $1,093.70. Reuters
