Gold prices climbed significantly on Friday, gaining 2.13% to reach $3,360 per ounce by 20:20 GMT, amid growing tensions between the White House and the U.S. Federal Reserve. The spike in precious metal prices reflects investor uncertainty following U.S. President Donald Trump’s escalating criticisms of the Fed and his controversial intervention in the Labor Department’s internal affairs.
The market upheaval comes in the wake of the Federal Reserve’s decision on Wednesday to hold interest rates steady. President Trump responded with scathing remarks directed at Fed Chair Jerome Powell, urging the central bank’s board to “assume control” of monetary policy decisions—comments seen by many as a further breach of central bank independence.
Adding to the turmoil, Federal Reserve Board member Adriana D. Kugler announced her resignation on Friday. Although no official reason has been provided, her departure coincides with a period of intense political pressure on the Fed and growing divisions within the board itself. Earlier in the day, two Fed officials issued public statements explaining their dissenting votes in favor of a rate cut, further highlighting internal discord.
Continue reading with Eandel
Subscribe to unlock the complete story and receive your subscriber benefits.