Gold prices have been in the midst of anticipation of US personal consumption data

Gold prices stabilized after the increase Tuesday due to concerns about the independence of the central bank and the risks of inflation, after US President Donald Trump incurred in his efforts to dismiss a member of the Federal Reserve. The alloys circulated above the $ 3.390 per ounce level on Tuesday to a 0.8%increase, because Trump said he was ready for a legal battle with Lisa Cook, who faced accusations of fraud in mortgage loans after her lawyer promised to submit a lawsuit. If the president, who lowers interest rates, succeeds in rejecting Cook, will give him the opportunity to ensure a majority in the Governor’s Council. So far, the Federal Reserve has resisted the White House pressure to lower the borrowing costs, although Council President Jerome Powell opened the door with caution on Friday to a possible reduction next month. There is concern that the course with early interest rates could attract inflation and undermine confidence in the central bank, a scenario that will improve demand for sanctuaries such as gold. Strong gains since the beginning of the year have increased the precious metal in more than one quarter of this year, with most of these profits achieved in the first four months, as rising geopolitical and commercial tensions were fed. Gold remained in a practical stable road as it peaked in April of more than $ 3,500 per gram, although some major banks, including ‘City Group’ and the Wealth Management Unit at UPS Group, expect extra profits later this year. The Instant Gold was stable at $ 3,392.55 per gram at 08:31 in Singapore. The dollar’s Bloomberg index was stable after falling 0.2% on Tuesday. Palladium got up, while silver and platinum settled. The market awaits personal consumption data in the United States scheduled for Friday. The index is expected to accelerate, with the exception of food and energy, at the fastest annual rate in five years, which will limit the federal ability to lower interest rates.