(New York Comprehensive) The independence of the U.S. Federal Reserve has once again become the focus. Gold is favored by investors as the Federal Reserve is under political interference, and gold prices are expected to remain firm in the coming week.
Looking ahead to the trend of gold prices for a week, according to the latest survey by information service provider Kitco, eight of the 15 analysts surveyed expected gold prices to rise, one expected gold to fall, and the other six believed gold would consolidate.
Rich Checkan, president and chief operating officer of Alternative Asset Strategies International, pointed out that market concerns about the fate of the Fed chairman, geopolitical tensions and weak dollar, have driven gold prices to rise.In response to a Bloomberg report that US President Trump may fire Fed Chairman Powell in a short time, Trump clarified last Wednesday (July 16) that he does not intend to fire Powell, but does not completely rule out this possibility.
Although Trump has shown no intention to fire Powell, the market is still uncertain about the Fed's independence issue. Faced with many instability factors, the Golden Friday, as a safe-haven tool, rose 0.33% to $3,349.94 per ounce. However, in summary, the gold price trend was slightly weak, falling 0.24% in a week.