GOLD PRICES retreated from fresh all-time highs in all currencies on Wednesday as investors and traders awaited the first-ever US Federal Reserve interest rate decision to include a sitting official from the White House.

"He'll have a big influence on Too Late getting his rates down," said President Trump yesterday, referring to his economic advisor Stephen Miran and also using his nickname for Fed chair Jerome Powell.

Appointed by Trump to run the US central bank in 2018, Powell has been repeatedly attacked by the President for not cutting Dollar interest rates aggressively.

"Who knows? You never know with Too Late," said Trump yesterday.

"He's done a lousy job. Rates should be much lower."

Spot gold topped $3700 on Tuesday after the US Senate narrowly voted in favour of Miran joining the Fed's Board of Governors, having broken $3600 barely 1 week before.

"Gold hasn't rallied this much since 1979," says the Wall Street Journal, noting that 2025's surge to date outpaces the full-year gain of 2020's Covid pandemic and the strongest gains of the 2007-09 recession.

But while gold in US Dollars has now risen 41.6% so far in 2025, the price adjusted for the Dollar's DXY index has risen only 26.2%, because the US currency has fallen hard on the FX market against other Western currencies.

That's been beaten 4 times since 1979, with last year showing a 45-year record of 34.4%.

Prior to the 1979 blow-off, gold in USD terms also beat this year's gain 3 times in the 1970s, adding 49.0%, 73.0% and 66.1% in the years immediately following the suspension of the Dollar's gold-backing by President Nixon in 1971.

Now chair of the Council of Economic Advisers as well as a Fed governor, Miran formerly worked at $31bn US hedge fund Hudson Bay Capital, where he published 'A User’s Guide to Restructuring the Global Trading System' − soon known as the 'Mar-a-Lago Accord' after Trump's Florida holiday resort − last November.

Highlighting "potential avenues for...unilateral currency adjustment strategies," Miran recommended using import tariffs as a tool both for deciding between "friend [and] foe" in foreign relations and for cutting America's trade deficit, while weakening the Dollar's exchange rate value in a bid to boost US exports and growth.

Gold priced in Dollars on Tuesday set its 8th new all-time high in 12 week-days so far this month, fixing at $3695.40 per Troy ounce at London's morning and afternoon bullion auctions.

Betting on the Fed making a half-point cut today has now dropped to less than 4% of current positioning in US interest-rate futures, according to the CME derivatives exchange's FedWatch tool.

The Fed will then end 2025 at 3.7% says the consensus forecast from the futures market, some 0.2 points below the Fed's own forecast from June, due to be updated in today's 'dot plot' projections.

2026 will then see the Fed cut by almost 1 whole point further to 2.9%, traders believe, against contrasting with Fed policymakers' June projection for end-2026 rate of 3.6%.

With the gold price falling back $40 today from yesterday's $3705 peak, silver also retreated from new 14-year and all-time highs against the Dollar and many other currencies respectively, dropping through $42 per Troy ounce after trading above that level for 3 sessions.

London silver has cost that much or more in US Dollar terms only 3 times before, first for 5 sessions running in January 1980, then for 9 sessions running in May 2011, and then across another 6 sessions that August and September.

Priced in UK Pounds, silver today dropped 2.4% from Tuesday's peak after setting 5 new record highs in 12 sessions so far this month.

The Dollar price, in contrast, yesterday remained 15.8% off silver's all-time peak of 18 January 1980.

That day also saw the Euro price of silver − when calculated back at the irrevocable Deutsche Mark rate set when the single currency launched 26 years ago − set its current record, 20.6% above Tuesday's London fix.