Gold prices climbed to their highest level in more than four months on Monday, supported by growing expectations that the U.S. Federal Reserve will cut interest rates at its upcoming meeting this month.
Gold prices held steady on Thursday as investors awaited key U.S. economic data due later this week, expected to provide clearer guidance on the path of interest rates.
The U.S. dollar opened Thursdays session lower as investors increasingly priced in the likelihood of a Federal Reserve interest rate cut in September, following signals that such a move could be on the table.
The U.S. dollar weakened on Wednesday as investors grew increasingly concerned about the independence of the Federal Reserve, following President Donald Trumps latest move to expand his influence over the central bank.
Gold prices slipped on Wednesday under pressure a stronger U.S. dollar, while political tensions surrounding the Federal Reserve helped prevent sharper losses.
The U.S. dollar slipped in early Asian trading on Tuesday after President Donald Trump announced the dismissal of Federal Reserve Board member Lisa Cook. The dollar index dropped 0.3% to 98.187 points, following its strongest daily gain in four weeks on Monday.
Gold prices climbed to their highest level in two weeks on Tuesday, supported by a weaker dollar following President Donald Trumps dismissal of Federal Reserve Board member Lisa Cook.
HSBC is pressing ahead with a major restructuring of its Swiss private banking business in a move aimed at reducing exposure to clients classified as high-risk. The bank has decided to terminate relationships with a significant number of Middle Eastern clients, including wealthy individuals with assets exceeding 100 million, according to people familiar with the matter.
The minutes of the U.S. Federal Reserves July 2930 meeting, released on Wednesday, revealed a rare internal split not seen since 1993 over the direction of interest rates. While most policymakers agreed to keep the federal funds rate unchanged within the 4.25%4.50% range, two membersMichelle Bowman, Vice Chair for Supervision, and Governor Christopher Wallervoted against the decision, preferring a quarter-point rate cut to guard against mounting weakness in the labor market.
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