Silver (XAG/USD) stages a sharp recovery on Wednesday, snapping a four-day losing streak after sliding to its lowest level in over two weeks, since August 4. The rebound comes as the US Dollar (USD) lost ground following renewed political pressure on the Federal Reserve (Fed), with US President Donald Trump publicly calling for the resignation of Fed Governor Lisa Cook. The safe-haven appeal of Silver re-emerged, helping the metal bounce from session lows. At the time of writing, Silver is trading around $37.80, up nearly 1.0% on the day, having rebounded strongly from an intraday low of...
The dollar fell on Wednesday after U.S. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, but pared gains after minutes from the Fed's latest meeting showed that only two policymakers supported an interest rate cut last month. Trump cited allegations made by one of his political allies about mortgages Cook holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Trump has also told aides he is considering attempting to fire Cook, the Wall Street Journal reported on Wednesday. "The market has voted with its pocketbook...
Gold prices are rising on Wednesday after US President Donald Trump continued to exert pressure on the Federal Reserve (Fed) as he demands Fed Governor Lisa Cook resign due to an investigation of mortgage fraud. Threats of curtailing the Fed's independence pushed XAU/USD higher, from around $3,330 toward $3,350, its daily high. At the time of writing, Gold trades at $3,342, up 0.84%. Domestic political issues in the US weighed on the US Dollar. The US Dollar Index (DXY), which tracks the performance of a basket of six currencies against the Greenback, is down 0.05% at 98.21. A Bloomberg...