Gold Prices Climb 2.13 Percent Amid Fed Chaos
(MENAFN) Gold prices skyrocketed to $3,360 per ounce by 2020GMT Friday, climbing 2.13% as political turmoil engulfed Washington following a Federal Reserve resignation and Trump's dismissal of a key Labor Department statistics official.
The precious metal's rally intensified after President Trump escalated his assault on Fed Chair Powell, demanding the central bank's board "assume control" following Wednesday's decision to maintain current policy rates unchanged.
Market volatility deepened as Fed board member Adriana D. Kugler tendered her resignation Friday, while two additional Fed officials released public statements defending their votes for rate cuts during this week's monetary policy meeting.
Trump announced Friday he had terminated the Labor Department's statistics division chief after employment data revealed job creation had decelerated dramatically. The president denounced the Bureau of Labor Statistics' latest employment report as "rigged" and politically motivated.
Silver joined the precious metals surge, advancing 0.7% to $37 per ounce during Friday trading.
Gold's current levels remain below the historic peak above $3,430 reached in July, though the metal had retreated from those record highs in recent weeks before Friday's dramatic rebound.
US equity markets concluded the trading week with substantial declines as investors fled to safe-haven assets amid the escalating political and monetary policy uncertainty.
The convergence of Fed leadership instability and disputed economic data has created a perfect storm driving precious metals demand as traditional markets struggle.
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