Hours before his expected speech, U.S. Representative Anna Paulina Luna referred Federal Reserve Chairman Jerome Powell for criminal accountability, according to Fox News.
The price of gold in futures contracts is rising above $3,400 per ounce, while the price of bullion stands at $3,394 per ounce. The dollar index is down 0.60%.
The referral does not mean that formal criminal charges are being directed against the Fed chairman. However, this event comes as part of a series of attacks by President Trump and his administration on the Fed chairman due to the latter's refusal to lower interest rates.
Last week, media reports indicated that Trump had actually written a memo to dismiss Jerome Powell from his position, which Trump denied. Trump stated that he would only dismiss Powell if he was sure of his involvement in misusing public funds. Trump and members of his administration claim that Powell spent $2.7 billion on renovating the Fed building.
Reports indicated that Treasury Secretary Scott Pisonet was what led Trump to reconsider dismissing Powell. Pisonet cited the strong repercussions of such a decision on the economy and markets.
