Business
Gold Rebounds After Selloff
Gold prices regained ground after two sessions of heavy selling, with futures in New York rising 6.5% to $4,955.90 a troy ounce.
The earlier selloff was triggered by President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair—a choice markets viewed as more hawkish than other contenders—alongside a rebound in the dollar.
“Prices had previously moved well beyond levels typically associated with pure safe-haven demand linked to geopolitical or macro uncertainty,” Sucden Financial analysts said. “As a result, the correction appears less about uncertainty subsiding and more about excess positioning being cleared.”