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Gold eyes $3,800 but might need weak labor market data to get there
Gold prices have stumbled slightly around $3,800 an ounce, but many analysts do not expect this new resistance level to pose much of a challenge, as inflation is not hot enough to stop the Federal Reserve from continuing down its path of easing monetary policy. Amid its unstoppable rally since last month’s breakout, gold is ending Friday at another all-time high for the fifth consecutive week, moving back within striking distance of $3,800 an ounce. Spot gold last traded at $3,775.69 an ounce, up nearly 2.5% since last Friday. Although momentum indicators highlight that gold is significantly overstretched, many ... (full story)
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President Donald Trump posted on Saturday a cartoon image depicting him firing Federal Reserve Chairman Jerome Powell. The post on Truth Social was an image of himself pointing his finger and shouting "YOU'RE FIRED!" to Powell, who was holding a box with his belongings. Behind them is a depiction of the seal of the Federal Reserve. The image appears to be "AI-generated or digitally illustrated," according to visual analysis by ChatGPT. Trump has repeatedly criticized Powell for his cautious approach to cutting interest rates, nicknaming him "Too Late Powell." The latest threat came even as the central bank lowered rates earlier this month for the first time this year. Powell's term as chair ends in May 2026. The White House didn't immediately respond to CNBC's request for comment. Firing the top central banker would be unprecedented as no U.S. president ever has attempted to do so, though others have criticized prior Fed chairs. A recent Supreme Court decision indicated that the president does not have the authority to remove Fed officials at will. Powell has said repeatedly that his firing is "not permitted under the law." The Trump White House has blasted Powell over renovations to the Fed's Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause. Although lately Trump has eased his criticisms of the Fed building, while continuing to be vocal about Powell hurting the economy by keeping rates too high in his view. Donald J. Trump Truth Social Post 02:46 PM EST 09/27/25 pic.twitter.com/9cdO9rkCVh
