Asian market early trading gold price consolidation New Federal Reserve director nominees may provide support

Gold traded sideways during the early Asian session. Spot gold was basically unchanged at $3,400.26 per ounce. U.S. President Trump announced on Thursday that he will nominate Stephen Miran, head of the White House Council of Economic Advisers, to temporarily fill a vacant seat on the Federal Reserve Board. Stephen Miran will replace Adriana Kugler on the board, who has decided to step down about six months before the end of her term. Analysts at ANZ Bank stated in a report, "Stephen Miran is the architect of Trump's tariff policy, and the market perceives this appointment as a signal that monetary policy will be more accommodative." The prospect of further interest rate cuts by the Federal Reserve could boost the appeal of interest-free precious metal gold.