The dollar strengthened against the euro and the pound sterling on Wednesday (August 27), but investor concerns over the Fed's independence persisted, potentially limiting the US currency's gains. The euro weakened about 0.4% to $1.1593 and the pound weakened 0.3% to $1.3441, giving back some of the gains sparked by Trump's announcement on Monday that he would fire Fed Chair Lisa Cook over alleged irregularities in obtaining mortgage loans. Cook's lawyer later said he would file a lawsuit to prevent her dismissal, potentially triggering a protracted legal battle. Trump's unprecedented...
Gold prices weakened on Wednesday (August 27th) as the dollar strengthened and some investors booked profits from the more than two-week peak reached in the previous session. Spot gold prices fell 0.3% to $3,382.31 per ounce, as of 08:11 GMT. US gold futures for December delivery fell 0.1% to $3,430.80. The dollar index rose about 0.4% against a basket of currencies, making dollar-priced bullion more expensive for holders of other currencies. "(Gold) prices move faster than an arrow, with the direction of movement determined by the dollar. The current weakness in gold prices is likely due...