Gold Surges Amid Fed, Trump Dispute
(MENAFN) The value of gold per ounce climbed to $3,360 by 2020GMT, marking a 2.13% increase, driven by escalating unrest in the United States following a resignation within the Federal Reserve and President Trump's directive to remove the individual overseeing the Labor Department’s statistical operations.
After the Federal Reserve opted on Wednesday to leave its interest rate policy unchanged, US President Trump intensified his attacks on Powell, calling on the Fed leadership to "assume control."
On Friday, two officials from the Federal Reserve released remarks justifying their support for a rate reduction during the current week’s policy session.
Concurrently, Adriana D. Kugler, a board member of the Federal Reserve, announced her resignation.
Additionally, Trump declared on Friday that he had instructed the removal of the official heading the statistical division of the Labor Department, following reports indicating that employment expansion had slowed drastically.
Trump argued that the latest employment statistics released by the Bureau of Labor Statistics were "rigged" and influenced by political agendas.
Gold, which had previously experienced a dip, soared to a record level in July, surpassing $3,430.
Meanwhile, silver’s value also increased by 0.7%, reaching $37 per ounce on Friday.
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