Gold attracts some buyers to near two-week high amid concerns over Fed’s independence
The post Gold attracts some buyers to near two-week high amid concerns over Fed’s independence appeared on BitcoinEthereumNews.com.
Gold price gains ground in Tuesday’s early European session. Concerns over Fed’s independence and potential US Fed rate cut support the Gold price. The US CB Consumer Confidence and Durable Goods Orders reports will be the highlights later on Tuesday. The Gold price (XAU/USD) rises to a two-week high near $3,385 during the early European trading hours on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve’s (Fed) independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Additionally, signs that the US central bank will resume cutting interest rates provide some support to the yellow metal, as lower interest rates could reduce the opportunity cost of holding Gold. Looking ahead, the US Conference Board’s Consumer Confidence, Durable Goods Orders and the Richmond Fed Manufacturing Index reports are due later on Tuesday. Later this week, the key US economic data will be released, including Gross Domestic Product (GDP) for the second quarter and Personal Consumption Expenditures (PCE) Price Index data for July. If the report shows stronger-than-expected growth or any signs of hotter inflation, this might boost the Greenback and weigh on the USD-denominated commodity price. Daily Digest Market Movers: Gold price edges higher on Fed’s independence and US rate cut hopes “Gold prices reached their highest level in two weeks amid heightened political uncertainty after President Donald Trump fired Federal Reserve Governor Lisa Cook. Meanwhile, Fed Chair Jerome Powell last Friday signalled a possible rate cut in September, highlighting growing risks to the labour market but also noting inflation remained a threat and that no decision has been finalised,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. “I have determined that there is sufficient cause to remove you from your position,” Trump said in a letter to Cook posted on his Truth…
Filed under: News - @ August 26, 2025 8:29 am