Gold traded above $3,342 an ounce, after rising nearly 1% following Trump’s demand that Lisa Cooke step down over allegations of mortgage fraud. If she does, it would give the president the opportunity to appoint a more supportive member of the central bank’s Board of Governors. However, Cook has expressed her intention to stay on.

Traders also expect the Fed to cut interest rates by at least 25 basis points next month, which would be positive for gold.

The precious metal has gained more than a quarter this year, although most of the gains were recorded in the first four months, when prices reached a record. The metal has been supported by central bank buying and inflows into exchange-traded funds, and many analysts, including UBS Group, believe it has room to rise further.

“Prices will remain elevated in the coming weeks as the market anticipates a US Federal Reserve rate cut in September,” Fitch Solutions’ BMI unit said in a note. “We expect gold to trade in the $3,200 to $3,600 per ounce range for the remainder of 2025.”

Silver, palladium and platinum prices were unchanged.