Gold price rose during the North American session by 0.78%, helped by US President Donald Trump's comments on firing Federal Reserve (Fed) Chair Jerome Powell, despite his denials of the remarks, saying it is highly unlikely to fire him unless there is fraud. At the time of writing, XAU/USD trades at 3,348 after hitting a daily peak of $3,377 on Trump's headlines.
A Bloomberg article revealed that "Trump discussed the possible move in a meeting with GOP lawmakers at the White House to discuss cryptocurrency legislation," with Trump saying that almost every one of them liked the idea of removing Powell.
Besides domestic political issues, data and geopolitical developments pushed bullion prices higher. The Producer Price Index (PPI) in the US dipped below estimates but remains above the Federal Reserve's 2% goal. On the geopolitical front, Israeli strikes on Syria capped XAU/USD drop, while the latest consumer inflation report in the US capped Gold's upside below the $3,400 mark.
Source: Fxstreet
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