Gold Gains After Trump Names Miran to Fill Seat on Fed Board

Gold extended gains after President Donald Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor.

Trump said Wednesday he was likely to nominate a temporary governor to fill the seat, rather than a successor-in-waiting for Fed Chair Jerome Powell, who he has heavily criticized over monetary policy. Trump said that Miran, who will need to be confirmed by the US Senate, would only serve the expiring term of Fed Governor Adriana Kugler, which ends in January.