Gold inches up as investors await Trump’s choice of Fed chair

Reuters/Peter Hobson/11-02-17

Gold prices inched higher on Thursday, helped by a weaker dollar and lower U.S. bond yields, as investors waited for the nomination of a new U.S. Federal Reserve chair and the unveiling of U.S. tax reform legislation later in the day.

The dollar weakened after the Fed’s decision on Wednesday to leave interest rates unchanged, but pared losses on solid U.S. data and a fall in sterling after the Bank of England accompanied its first interest rate rise in a decade with caution about future increases.

…U.S. President Donald Trump is expected on Thursday to nominate Fed Governor Jerome Powell to replace Janet Yellen as leader of the central bank. Powell is seen as less likely to push for rapid interest rate rises than other candidates.

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