Gold falls on firmer dollar and speculation about the new Fed chairperson
London— Gold fell for a third straight session on Wednesday on pressure from a firmer dollar amid speculation that the next chairperson of the US Federal Reserve could be a policy hawk. Spot gold was down 0.3% at $1,280.86 an ounce at 2pm GMT, having touched its lowest since October 9 at $1,277.14. US gold futures for December delivery were off 0.3% at $1,282.60. "Interest-rate hikes had not been fully priced in for next year. This has changed massively following speculation that [Fed governor Jerome] Powell might become the next chairperson," said Commerzbank analyst Carsten Fritsch. US President Donald Trump has a pool of five candidates to choose from for the next chairperson of the Fed and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said. Jerome Powell is expected to be the president’s choice, according to a slim majority of economists in a Reuters poll, though most of them said that keeping incumbent Yellen would...
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