Gold Prices Decline in Early Asian Trading as Market Further Prices in Warsh Fed Leadership Expectations

Deep News07:51

Gold edged lower during the early Asian trading session, extending losses from Friday, as markets further digested expectations that Kevin Warsh would lead the Federal Reserve; U.S. President Trump has nominated Kevin Warsh for the next Fed Chair. Spot gold fell 2.4% to $4,777.67 per ounce. Commenting on the move, Ray Attrill, Head of FX Strategy at National Australia Bank (NAB), stated, "Speculative longs are scrambling to exit, based on the market's perception of Warsh's credibility as Fed Chair and a marked increase in confidence that the Federal Reserve's independence will be upheld." The head of FX strategy added that, furthermore, the U.S. dollar had also recouped some of its losses following the release of robust U.S. economic data on Friday.

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