KONTAN.CO.ID - JAKARTA. Gold prices fell more than 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 2% to $1,807.60 per ounce by 13:01 p.m. ET (1602 GMT), after hitting its lowest since Nov. 5 at $1,804.30. U.S. gold futures fell 2.3% to $1,809.30. "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.
Gold slides over 2% as dollar firms after Powell's renomination
KONTAN.CO.ID - JAKARTA. Gold prices fell more than 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 2% to $1,807.60 per ounce by 13:01 p.m. ET (1602 GMT), after hitting its lowest since Nov. 5 at $1,804.30. U.S. gold futures fell 2.3% to $1,809.30. "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.