After the U.S. Department of Justice concluded its investigation into Powell, gold prices surged.

The Department of Justice in the United States has ceased its investigation of the soon-to-be departing Federal Reserve Chairman Jerome Powell, sparking a rise in both gold and silver futures. This statement paves the way for Kevin Wash to replace Powell, which in turn has reignited some hope in the market for an early rate cut. The economic research department of ING Group in the Netherlands stated in a report this morning that even if the investigation into Powell is delayed, the market was already leaning towards a slight interest rate cut before the end of the year. The most actively traded gold futures rose by 0.5% to $4,748 per ounce, while silver rose by 1.4% to $76.54 per ounce.