Gold Drops After Trump Delays Decision on Hassett for Fed Chair

Gold Prices Drop Sharply Amid Fed Chair Uncertainty

Gold experienced its steepest decline in over two weeks following comments from US President Donald Trump, who voiced hesitation about selecting Kevin Hassett as the next Federal Reserve chair. This statement added more uncertainty to the ongoing search for a new leader of the central bank. On Friday, Trump noted that losing Hassett as the director of the National Economic Council would mean the administration would be without one of its key economic communicators. Hassett has been widely regarded as a leading candidate to replace current Fed Chair Jerome Powell. After Trump's comments, the US dollar recovered some of its earlier losses and Treasury yields climbed, resulting in gold prices falling by up to 1.7%.