Gold Nears Record as Traders Weigh US Data, Fed Future

Gold advanced as traders weighed US economic data and the Federal Reserve’s future, with legal fights escalating over President Donald Trump’s move to fire governor Lisa Cook.

Cook’s emergency hearing is in session in Washington, with a judge weighing whether to issue an order allowing her to continue her duties. Trump’s unprecedented attempt to fire Cook further throws into question the Fed’s independence, a cornerstone for the financial markets in terms of managing inflation and economic growth. The Fed’s interest-rate policies often sets the tone of the market for gold.