Trump issues ‘ultimatum’ to Fed as gold prices swing sharply

Gold prices swung sharply on the evening of Sept. 4, dropping as much as $122 an ounce to $4,366 before recovering to $4,442 at 11:20 p.m. The move followed a new intervention by U.S. President Donald Trump in the debate over interest rates.

In a post on Truth Social, Trump urged the Federal Reserve to cut rates. He also warned that he would end trade with countries where the United States maintains trade deficits if the Fed did not act. Trump called on the Fed and its chair, Kevin Warsh, to “be smarter” and lower borrowing costs.

The latest message signaled a renewed pressure campaign against the central bank. Gold had risen sharply the previous day, briefly reaching $4,505 an ounce after Fed Governor Christopher Waller left open the possibility of keeping rates unchanged in September. Waller said he would favor holding rates if August consumer-price data showed inflation continuing to cool, while a hotter reading could keep a rate increase under consideration.

The market’s next focus is U.S. consumer-price data for August, due Sept. 11. A softer reading could strengthen expectations that the Fed will hold rates, while a hotter figure could revive the interest-rate debate and send gold prices in the opposite direction.

Vietnamese gold prices remained well above global levels. Based on listed bank exchange rates, global gold converted to about 140.6 million dong per tael. SJC gold bars sold for 148.6 million dong per tael and were bought for 145.6 million dong, while 9999 gold rings sold for 148.1 million dong. Other domestic dealers quoted selling prices between 147.5 million and 149.6 million dong per tael. Global silver fell slightly to $66 an ounce, equivalent to about 2.1 million dong per tael, while domestic silver prices were higher.

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