Daily Market Report
➢ Gold’s $60 Swing: Gold experienced a sharp $60 swing during Wednesday’s session, triggered
by speculation around Fed Chairman Powell’s potential dismissal, highlighting market
sensitivity to political and monetary uncertainty.
➢ Powell Dismissal Rumore: Reports that President Trump explored removing Powell caused a
surge in gold prices which quickly reversed after Trump walked back the remark added volatility
➢ Legal Uncertainty: The unclear legal framework for dismissing a Fed Chair fueled investor
anxiety, making gold more attractive as a hedge against policy disruption.
➢ US Inflation & Fed Outlook: June CPI data showed inflation rising to 2.7% annually,
dampening near-term Fed rate cut expectations and supporting the USD, which pressured gold.
➢ Trade & Geopolitical Concerns: Trump’s announcement of a trade deal with Indonesia and
election risk in Japan added to global uncertainty, influencing gold and currency movements.
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