Fed Chair Confirmation, India's Gold Import Tariff Hike Weigh on Gold; Overnight COMEX Falls 0.8%

According to Guangda Futures via Jin10, COMEX gold weakened overnight and at market open today (May 18), dropping approximately 0.8%, as market sentiment turned cautious.

The U.S. Senate formally confirmed Kevin Walsh as the new Federal Reserve Chair today, with Jerome Powell’s term ending May 15 but remaining as a board member. Walsh, viewed as slightly hawkish, supports the Fed’s independence and favors quantitative tightening, raising market concerns about his policy stance amid elevated inflation expectations. Additionally, India’s government increased gold import tariffs from 6% to 15% on May 13, further pressuring physical demand.