23 April | Gold

Gold declines after Trump's refusal to fire Fed chief

Gold declines after Trump's refusal to fire Fed chief

Gold prices fell by 0.7% on Wednesday after US President Donald Trump backed away from threats to fire Federal Reserve (Fed) Chairman Jerome Powell. This announcement diminished investor interest in gold as a safe-haven asset.

Additional downward pressure came from Trump’s remark that a future trade deal with China could involve a significant reduction in tariffs, noting that any final agreement won’t even come close to current duty levels.

US Treasury Secretary Scott Bessent also voiced optimism about easing trade tensions. However, he cautioned that negotiations with Beijing have yet to begin and are expected to be “tedious.”

On Tuesday, gold reached a new all-time high of $3,500 per ounce. Analysts at JP Morgan predict that the metal could surpass the $4,000 mark next year.

Traders are now awaiting the release of preliminary Purchasing Managers' Index (PMI), which will provide insights into the state of the world economy. According to Reuters, this data, combined with ongoing trade developments, is likely to influence investor sentiment and shape the future direction of gold prices.

Elena Dorokhina MarketCheese
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