Spot Gold scaled a fresh 2-week peak of $3,386.68 on Tuesday amid heightened political uncertainty after US President Donald Trump dismissed Federal Reserve Governor Lisa Cook.
Yesterday Trump said in a social media post he would fire Cook over allegations of mortgage fraud. The move has raised concerns over the Federal Reserve’s independence.
Meanwhile, аt the annual symposium in Jackson Hole last week, Fed Chair Jerome Powell hinted at a possible rate cut in September, as risks to the job market were rising.
Yet, a decision was not set in stone, the Fed’s chief noted.
Markets are now pricing in about an 83% chance of a 25 basis point rate cut in September.
Market players are next expecting the key US PCE inflation figures for more guidance on the Federal Reserve’s policy trajectory.
Spot Gold was last up 0.27% on the day to trade at $3,374.95 per troy ounce.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
