Gold falls on profit-taking; eyes on Trump's Fed picks
Gold prices fell on Wednesday as investors booked profits after prices hit a near two-week high in the previous session, while the market's focus shifted to U.S. President Donald Trump's upcoming Federal Reserve nominations.
Spot gold eased 0.3% at $3,371.31 per ounce by 0956 a.m. ET (1356 GMT). U.S. gold futures fell 0.2% to $3,427.10.
"We view this as a bit of a pullback... a little profit-taking from the recent move higher in the midst of a quieter time on the economic front, and a little lesser need for that safe-haven demand," said David Meger, director of metals trading at High Ridge Futures.
Gold logged gains for three consecutive sessions after weaker-than-expected U.S. employment growth data on Friday. Market participants now see an over 87% chance of a September rate cut, up from 63% earlier, as per CME FedWatch.
Gold tends to perform well during economic uncertainty and a low-interest environment further supports the non-yielding asset.
Trump said on Tuesday he will name a Fed Board nominee by the end of the week and has narrowed options to replace Chair Jerome Powell.
Elsewhere, spot silver added 0.1% to $37.86 per ounce. Meanwhile, platinum edged up 1% to $1,334.05 and palladium dropped 2.2% to $1,147, reaching its lowest level since July 11.
Source: Reuters
