Gold Prices Retreat Sharply, Market Focuses on Fed Chair Nomination

Odaily News Gold prices have retreated sharply after surging to record highs, as traders took profits and a stronger dollar increased the cost of purchasing the precious metal for overseas buyers. Market focus has now shifted to the Federal Reserve chair nomination decision that President Trump is expected to announce later on Friday. According to hints from Trump's advisors, he may nominate Kevin Warsh. Analysts at Saxo Bank pointed out that compared to other candidates circulating before the nomination announcement, Warsh is considered less controversial and not as clearly dovish. (Jin10)