Gold Steadies After Surge on Fed Independence Worries, Trump's Indictment Threat

• Gold steadied near $4,588 an ounce after a 2% surge due to concerns over Federal Reserve independence.
• The surge followed the Trump administration's threat of a criminal indictment against Fed Chair Jerome Powell.
• Powell stated the indictment threat was an attempt to pressure the central bank, reviving the "sell America" trade.
• Trump's interventions have historically propelled gold to record highs and are seen as undermining the Fed's inflation control.
• Citigroup Inc. upgraded its near-term outlook, projecting gold at $5,000 and silver at $100 due to geopolitical risks and Fed uncertainty.

Why It Matters: Gold steadies after a significant surge, driven by concerns over Fed independence and political pressure.