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Gold Prices Surge as Trump Appoints New Fed Governor
8 Aug
Summary
- Gold prices near $3,400, eyeing 1% weekly gain
- Trump names Council of Economic Advisers Chair to Fed
- Bloomberg Dollar Spot Index erases daily gains on news
As of August 8th, 2025, gold prices are on track for their biggest weekly climb in a month. This surge in the precious metal's value is driven by a combination of factors, including the implementation of a slew of new US tariffs and President Donald Trump's appointment of a temporary Federal Reserve governor.
Trump has chosen Council of Economic Advisers Chairman Stephen Miran to fill the seat of Fed Governor Adriana Kugler, though only until January. The search for a permanent replacement will continue, the president said. This move is expected to result in the new governor echoing Trump's calls for lower interest rates, which has had an immediate impact on the markets.
The Bloomberg Dollar Spot Index, which tracks the US dollar against a basket of other major currencies, has erased its daily gains in response to the news of Miran's appointment. Meanwhile, gold has traded near $3,400, eyeing a 1% weekly gain as investors seek safe-haven assets amidst the ongoing economic uncertainty.
