Gold prices fell this morning after yesterday’s announcement that Jerome Powell had been nominated to chair the Federal Reserve.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.11% to $1276.72 a troy ounce.
Powell is likely to take a similar monetary policy stance to Fed chair Janet Yellen. His nomination has to be confirmed by the Senate.
Gold prices are sensitive to moves in interest rates and data yesterday increased expectations of a rate hike in December.