According to ChainCatcher news, as reported by Jin10 data, spot gold prices are consolidating in Asia. U.S. President Trump stated on Thursday that he will nominate the chairman of the White House Council of Economic Advisers, Milan, to temporarily serve as a member of the Federal Reserve Board to fill the vacancy. Analysts at ANZ Bank noted in their report: 'Milan is the architect of Trump's tariff policy, and the market believes this appointment means monetary policy will become more dovish.' Increased expectations of more Federal Reserve interest rate cuts may enhance the attractiveness of gold.
In addition, reports say that the United States imposes import duties on one kilogram of gold bars, which is the most common trading specification in the global largest gold futures market, Comex. The market claims this move will lead to difficulties in meeting U.S. gold demand. Spot gold is currently basically flat, while New York's futures gold price briefly touched a historical high of $3534.10 per ounce during the Asian session, and is currently trading around $3500 per ounce.