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Piero Cingari

Gold tops $5,500, silver rises while Powell downplays metal rally

Gold silver Donald Trump Jerome Powell Ed Yardeni United States US Federal Reserve

Federal Reserve Chair Jerome Powell pushed back against political pressure on the US central bank on Wednesday and defended its independence, urging the next chair to “stay out of elected politics”. Markets, however, appeared unconvinced, accelerating a sell-off in the dollar as gold and silver hit fresh record highs.

"Don't get pulled into elected politics. Don't do it," Powell told reporters.

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