Gold rises after Trump denies plans to dismiss Powell

16/07/2025 Argaam
Gold bars

Gold bars

Gold prices rose on Wednesday after news reports showed that US President Donald Trump was planning to dismiss Federal Reserve Chairman Jerome Powell, but pared gains at settlement after Trump denied plans to oust Powell.

 

Gold futures for September delivery ended the day 0.67%, or $22.40, higher at $3,359.10 per ounce.

 

Daniel Ghali, Senior Commodity Strategist at TD Securities, said that gold prices were volatile throughout the day due to the reports and the subsequent denial by President Trump.

 

Meanwhile, trade tensions remained a key supportive factor for the precious metal, as the European Commission prepared to retaliate if Trump follows through on his threat to impose 30% tariffs on the European Union.

 

In related remarks from the White House, Trump said he plans to issue tariff notifications targeting more than 150 countries, which he described as not very large and not conducting much trade.

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