Fed, Gold
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Powell said the investigation rests on “pretexts,” arguing it's retaliation for the Fed’s refusal to follow the Trump's preferences on interest rates.
Dow futures tumbled more than 350 points, with the blue-chip contract down 357 points, or 0.72%, while S&P 500 futures slid 39.75 points.
Gold and silver face sharp declines as commodity index rebalancing triggers billions in futures sales. Citigroup estimates $6.8B in silver liquidation alone Jan 9-15.
Gold futures soared above $4,600/oz for the first time Monday, driven by investor concerns over threats to the independence of the U.S. Federal Reserve following Chairman Powell's revelation of a criminal indictment by U.S. prosecutors.
Prices climbed to a record as a criminal probe into Jerome Powell revived concerns over the central bank’s independence, and protests in Iran boosted safe-haven demand.
Get the LIVE 22-carat and 24-carat & 18K gold price today (Jan 13) in Delhi, Mumbai, Bengaluru, Chennai, Kolkata, and all major Indian cities. Check daily rate fluctuations on ABP News.
Silver and gold futures are falling sharply after the Chicago Mercantile Exchange, one of the world’s largest trading floors for commodities, required traders to put up more cash to invest in precious
Gold gained 1.6% to $4,387.57 an ounce at 12:42 p.m. in London. The Bloomberg Dollar Spot Index was up 0.1%. Silver advanced 3.1% to $73.88, while palladium and platinum also rose. Trading was expected to be thin given that several major markets, including Japan and China, remain on holiday.
Gold futures finished lower Friday, adding to their sharpest weekly drop since June 2021, while silver edged higher for the day but not enough to prevent a significant loss for the week.
Gold prices witnessed sharp intraday swings in the domestic futures market on January 13, as traders booked profits following a strong rally that pushed preciou
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