Gold ends flat as investors lock in profits

Gold bars

Gold prices held steady at the close of Wednesday’s session, as investors took profits after the precious metal hit a nearly two-week high in the previous session, while markets also focused on US President Donald Trump’s nominations to the Federal Reserve.

December gold futures settled at $3,433.4 an ounce, ending a three-day winning streak. The recent gains were fueled by expectations that the Fed may resume interest rate cuts in September, prompting a wave of profit-taking.

Lingering trade and economic uncertainty continued to support gold prices. Trump doubled tariffs on Indian imports to 50%, while a similar tariff on Brazilian goods took effect simultaneously.

Markets remained cautious ahead of Trump’s expected announcement of nominees for an open seat on the Federal Reserve Board of Governors, following the surprise resignation of Adriana Kugler, effective Aug. 8.

Although Trump ruled out nominating Treasury Secretary Scott Bessent as Jerome Powell’s successor, investors are awaiting the release of a shortlist of potential candidates.