COMEX gold futures rise to $3,500/oz, up 0.74% intraday.

COMEX gold futures rise to $3,500/oz, up 0.74% intraday.

COMEX gold futures surged to $3,500 per ounce, marking a 0.74% intraday increase. This significant rise comes amidst heightened geopolitical tensions and growing concerns over the independence of the Federal Reserve. The price spike follows recent events that have shaken investor confidence, including President Trump's firing of Federal Reserve Governor Lisa Cook and his threats to undermine the central bank's independence.

The decision to remove Cook, who was appointed by President Biden and is the first African-American woman to serve on the Fed's governing body, has raised eyebrows in the financial community. Cook's lawyer, Abbe Lowell, has vowed to fight the move, citing a lack of factual or legal basis. The firing comes just days after Fed Chair Jerome Powell's Jackson Hole speech, signaling a potential rate cut in September, and has led to increased uncertainty in the market [1].

In response to these developments, the price of gold has seen a substantial increase. Bank of America, in a recent report, raised its average gold price forecast for the next six years by 6% to $3,049 per ounce, citing Trump's threats to the Fed's independence as a key factor [2]. The bank remains bullish on gold, with a short-/medium-term target of $4,000 per ounce.

The rise in gold prices also reflects broader geopolitical tensions and global economic uncertainty. The U.S. structural deficit, inflationary pressures from deglobalization, and ongoing geopolitical tensions have all contributed to the recent strength in gold prices [2].

Moreover, the EPIC Crude pipeline exploration for a $3 billion sale by Kinetik Holdings Inc. has added a positive note to the market, with the company's stock rising 1.67% intraday [3]. This news suggests potential financial gains and strategic restructuring, which could boost investor confidence and contribute to the overall positive sentiment in the market.

As the Federal Reserve continues to navigate political pressures and economic uncertainty, investors are turning to gold as a safe-haven asset. The price of gold in London today hit $3394 per Troy ounce at the start of Asian trade, before dropping back to $3375, reflecting the ongoing market volatility [1].

References:
[1] https://www.bullionvault.com/gold-news/gold-price-news/gold-fed-trump-cook-082720251
[2] https://www.cnbc.com/2025/08/29/bank-of-america-gold-price-trump-federal-reserve-independence.html
[3] https://www.ainvest.com/news/kinetik-holdings-shares-rise-1-67-intraday-epic-crude-pipeline-owners-explore-3-billion-sale-2508/