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Gold prices pulled back in Asian trade on Wednesday after earlier climbing to a more than two-week high, as markets weighed renewed concerns over U.S. Federal Reserve independence<\/strong> following President Donald Trump\u2019s attempts to remove Governor Lisa Cook.<\/p>\n\n\n\n The yellow metal initially surged on Monday after Trump announced Cook\u2019s immediate dismissal over alleged mortgage fraud, sending the dollar tumbling<\/strong> and boosting broader precious metals. However, the greenback rebounded while Treasury yields stabilized<\/strong>, as both Cook and the Fed challenged the legality of her firing.<\/p>\n\n\n\n Spot gold<\/strong> declined 0.5% to $3,378.29 an ounce<\/strong>, while October gold futures<\/strong> edged down 0.1% to $3,428.70\/oz<\/strong> by 04:23 GMT.<\/p>\n\n\n\n Safe-haven flows amid political uncertainty<\/strong> Markets also remain cautious over the prospect of Trump reshaping the Fed\u2019s rate-setting board<\/strong>, which could give him a potential majority and greater influence over interest rates\u2014a move seen as supportive for gold. While Fed Chair Jerome Powell<\/strong> signaled openness to a September rate cut, his stance remained largely non-committal.<\/p>\n\n\n\n Dollar rebound weighs on metals<\/strong> Industrial metals also retreated: London Metal Exchange copper futures<\/strong> edged down 0.1% to $9,838.55 a ton, while COMEX copper<\/strong> fell 0.5% to $4.5248 a pound, reversing gains from optimism over potential Fed easing and China stimulus measures.<\/p>\n","protected":false},"excerpt":{"rendered":" Gold prices pulled back in Asian trade on Wednesday after earlier climbing to a more than two-week high, as markets weighed renewed concerns over U.S. Federal Reserve independence following President Donald Trump\u2019s attempts to remove Governor Lisa Cook. The yellow metal initially surged on Monday after Trump announced Cook\u2019s immediate dismissal over alleged mortgage fraud, …<\/p>\n","protected":false},"author":9,"featured_media":105896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[],"class_list":["post-118115","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=118115"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118115\/revisions"}],"predecessor-version":[{"id":118116,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118115\/revisions\/118116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/105896"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=118115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=118115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=118115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Gold\u2019s rally this week reflected investor demand for a safe haven amid the uncertainty of a potential legal battle between Trump and Cook. Cook has stated she will contest her removal in court<\/strong>, asserting Trump lacked authority to fire her, a position echoed by the Fed.<\/p>\n\n\n\n
The dollar index<\/strong> climbed above 98 points, recouping earlier losses, while Treasury yields steadied, putting pressure on precious and industrial metals. Spot platinum<\/strong> fell 0.1% to $1,353.71\/oz, and spot silver<\/strong> declined 0.3% to $38.5035\/oz.<\/p>\n\n\n\n