The Federal Reserve's monetary policy may become more dovish, and the initial gold price of the Asian market once set a new record high

Spot gold prices rallied in Asia as US President Donald Trump said on Thursday that he would nominate Milan, chairperson of the White House Council of Economic Advisers, to serve as an interim member of the Federal Reserve's board of governors to fill a vacancy. "Milan is the architect of Trump's tariff policy, and the market believes this appointment means that monetary policy will become more dovish," ANZ analysts said in a note. Expectations of more Fed rate cuts could boost gold's appeal. In addition, it was reported that the United States imposed import tariffs on one kilogram of gold bars, which is the most common trading specification of Comex, the world's largest gold futures market. The market said that this move will cause US gold demand to be difficult to meet. Spot gold is currently basically flat, with New York gold futures hitting a record high of $3,534.10/ounce for the first time, and is currently trading around $3,500/ounce. (Gold Ten)