Gold Set for Biggest Weekly Gain in a Month on Fed Governor Pick

Gold was on track for its biggest weekly climb in a month as a slew of US tariffs came into effect and as President Donald Trump named a temporary Federal Reserve governor expected to echo his calls for lower interest rates.

The precious metal traded near $3,400, eyeing a 1% weekly gain. Trump on Wednesday said he has chosen Council of Economic Advisers Chairman Stephen Miran to fill the seat of Fed Governor Adriana Kugler, but only until January. The search for a permanent replacement would continue, he said. The Bloomberg Dollar Spot Index erased its daily gains on the news.