Federal Reserve Chair Jerome H. Powell confirmed that the U.S. Department of Justice has served the Federal Reserve with grand jury subpoenas, raising the specter of a potential criminal indictment connected to his testimony before the Senate Banking Committee last June.
Analysts at ICICI Direct expect further US Federal Reserve rate cuts in 2026, and persistent concerns over rising global debt, and questions around long-term Fed independence are likely to keep gold attractive as a hedge against macroeconomic uncertainty. "Concerns over Fed independence will