Gold slips on nerves ahead of Fed chair decision

Reuters/Eric Onstad/10-24-17

Gold dipped on Tuesday as investors nervously awaited news on the new head of the U.S. central bank while strong share markets and a calmer geopolitical environment sapped safe-haven demand.

“The hawkish speculation about a new Fed chair has added some downside pressure,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

President Donald Trump told reporters on Monday he is “very, very close” to making his decision on who should chair the U.S. Federal Reserve.

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