AI-Summary – News For Tomorrow
Gold prices are declining for the third consecutive day due to traders’ cautious anticipation of future Federal Reserve rate cuts and a strengthening US dollar. This counteracts gold’s recent price surge. Looking ahead, the US administration’s challenges to the Fed’s independence, specifically concerning Governor Lisa Cook’s legal battle and the appointment of Stephen Miran, may strengthen the rally. Miran, an administration economic advisor, dissented on the Fed’s recent rate decision, favoring a larger cut.
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(Bloomberg) — Gold slipped for a third day, as traders’ caution over future Federal Reserve rate cuts, along with a stronger dollar, tempered the precious metal’s recent surge.
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Looking ahead, the administration’s attack on the Fed’s independence may further reinforce the rally. Governor Lisa Cook is in the middle of a legal battle with Trump, who sought to fire her on mortgage fraud allegations. The administration’s economic adviser, Stephen Miran, was fast-tracked into the Fed to fill a temporary vacancy. He was also the only one voting against Wednesday’s decision, preferring a half-point cut.
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