Gold steadies as investors weigh outlook for Trump-Powell saga

Gold steadied after a volatile session on Wednesday as traders assessed the outlook for Jerome Powell’s tenure as Federal Reserve chair after more speculation that President Donald Trump may axe him. Bullion was below $3,350 an ounce after rising 0.7% in the previous session. The president said he’s “not planning on doing anything” to remove Powell, after a White House official said Trump was likely to seek the Fed chair’s ouster. Gold surged, and US stocks, the dollar, and Treasury yields dropped after the initial speculation before Trump’s clarification calmed markets.

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