President Donald Trump announced his intention to nominate Stephen Miran, chair of the Council of Economic Advisers, to temporarily fill a vacant Federal Reserve Board seat.
After the latest policy meeting, Fed Chair Jerome Powell left all options open for the September meeting, neither committing to nor ruling anything out.
The price of gold surged nearly 50 USD in the first trading session of the week, primarily due to uncertainty surrounding the approaching US import tariff deadline.
Excessively low interest rates hardly reflect the strength of the US economy as Trump hopes, but are usually applied when the economy faces serious trouble.
Analysts are divided on the direction of gold prices due to uncertainty surrounding the impact of tariffs, a potential Fed rate cut, and other economic factors.