Dollar weakens, oil falls slightly while gold hits record of $4,615 an ounce
Jerome Powell, chairman of the US Federal Reserve. Photo: Al Drago/Bloomberg
Reuters
Wall Street wobbled and the dollar ceded ground while gold hit a new high yesterday as the Trump administration’s threat to indict Federal Reserve chair Jerome Powell raised fresh doubts about the future independence of the world’s most influential central bank.
Mr Powell delivered an unusually full-throated rejection of the Department of Justice’s decision to serve grand-jury subpoenas, adding to what Morgan Stanley analysts called a “cacophony of market-moving events” to start the second full week of 2026.
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