Gold surges to $2,040 as Fed independence concerns trigger haven flows
Gold prices have jumped 1.2% to $2,040 per ounce during Monday's trading session, driven by mounting concerns over Federal Reserve independence amid political turmoil. The precious metal benefited from increased safe-haven demand as traders worried about potential political interference in monetary policy decisions. EUR/USD traded sideways near 1.0865, while AUD/USD declined 0.3% to 0.6540 as risk sentiment deteriorated. Gold futures for December delivery climbed to $2,055, reflecting strong forward demand. Technical indicators show gold breaking above its 50-day moving average at $2,025, with next resistance at $2,060. The rally accelerated after political statements raised questions about central bank autonomy, prompting investors to seek traditional safe-haven assets. Further gains appear likely if political uncertainty persists through the week.
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