Gold, Silver Prices Rise After Trump Moves To Oust Fed Governor Lisa Cook

Gold price was well over the Rs 1,00,000 level, on the back of US President Donald Trump's move to oust Fed Governor Lisa Cook. Trump moved to oust Cook from her post at the US central bank in the wake of allegations from a White House ally that she falsified documents on mortgage applications.

The yellow metal was trading higher at Rs 1,00,870 per 10 gm, according to the India Bullions Association, compared to Rs 1,00,650 on Monday.

The announcement comes after the US Department of Justice indicated it planned to investigate Cook, following a criminal referral from Federal Housing Finance Agency Director Bill Pulte alleging that she may have committed a mortgage fraud.

In the last six months, the highest price that the yellow metal had soared to was Rs 1,02,090, seen on Aug. 10. The price of the commodity went as low as Rs 87,100 on April 7.

In New Delhi, the price stood at Rs 100,510 per 10 gm compared to Rs 1,00,290 on Monday. The gold price in Mumbai stood at Rs 1,00,680 compared to Rs 1,00,460 the previous day.

In Bengaluru, the rate stood at Rs 1,00,760, while in Kolkata, it was Rs 1,00,550 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,00,980 per 10 gm.

The spot gold price was trading higher at $3,374 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 0.02% lower at Rs 1,00,610, according to the Multi Commodity Exchange.

Silver prices through the previous week increased by 2.37% and closed at $38.88 levels. On MCX, silver prices increased by 2.01% and closed at Rs 1,16,239 levels.

The precious metal's price was at Rs 1,16,430 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.08% lower at Rs 1,15,862, according to the Multi Commodity Exchange.