Stephen Miran and New Tariffs Make Gold Shine Even Brighter
Gold is heading for its biggest weekly gain in a month, driven by global trade tensions and President Donald Trump's temporary appointment of Stephen Miran as Fed Chair. The precious metal is trading near $3,400 per ounce, with the potential for a weekly gain of around 1%.
Trump appointed Miran Chair of the US Council of Economic Advisers—to replace Adriana Kugler as a temporary Fed member until January. Miran is known to be critical of high interest rate policies and aligns with Trump's view of monetary easing. This stance reinforces expectations that interest rates could fall further in the future, a historically supportive environment for gold prices.
Meanwhile, the premium for gold futures in New York surged after reports that the US had begun imposing tariffs on one-kilogram gold bars. This added pressure amid market concerns about an escalating trade war, particularly with partner countries like India and Brazil.
At the time of writing, gold prices had corrected slightly to $3,393.85. Meanwhile, other precious metals such as palladium and platinum weakened, while silver tended to remain stable. (ayu)
Source: Newsmaker.id
