Gold Advances After Trump Moves to Fire Fed Governor Cook

Gold rose after US President Donald Trump moved to oust Federal Reserve Governor Lisa Cook, fueling concerns about the continued independence of the Federal Reserve.

Bullion climbed as much as 0.6% before paring some gains to trade near $3,376 an ounce, after Trump posted a letter with the announcement on his Truth Social account late on Monday. The dollar fell against every major peer, though later trimmed losses as Cook said the president did not have authority to fire her and vowed not to resign. A weaker greenback typically strengthens gold, which is priced in the currency.