Reuters
Gold hastens slide as dollar jumps after Fed chair Powell’s renomination
Gold retreated nearly 2% on Monday as the dollar jumped after Federal Reserve Chair Jerome Powell was nominated for a second term, driving expectations that the central bank may stay the course on tapering economic support. Spot gold slipped 1.5% to $1,816.61 per ounce by 10:52 a.m. ET(1552 GMT), after hitting its lowest since Nov. 5 at $1,811.00. “Gold sold off on notions that maybe the Fed would keep on its present monetary policy path as opposed to a Lael Brainard nomination,” which would have been perceived as paving the way for more dovish policy, said Jim Wyckoff, senior analyst at Kitco Metals.
