US Treasury Secretary Scott Bisent accused traders in China of being behind the sharp fluctuations in gold markets last week, following record highs for the precious metal.
In an interview with Fox News, Bessent, when asked about the significant jump in precious metal prices, said:
"Regarding gold's movements, things have become somewhat turbulent in China, prompting authorities to tighten margin requirements, and what we are witnessing appears to be sharp speculative fluctuations."
The US Treasury Secretary indicated that these measures reflect attempts to contain speculative activities, in light of the rapid and unstable rises that the gold market has recently witnessed.
In a separate context, Bessent addressed the independence of the Federal Reserve, explaining that Kevin Warsh, the US president's nominee to lead the central bank after Jerome Powell, would be "very independent," but at the same time "will realize that the Federal Reserve is accountable to the American people."