FX.co ★ Gold Hits Fresh Record

Gold prices soared to over $3,460 per ounce on Tuesday, marking a new all-time high. This surge was fueled by a shift towards safe-haven assets amid escalating economic uncertainties. On the previous day, President Trump renewed his criticism of Federal Reserve Chair Jerome Powell, hinted at the potential dismissal of Powell, and cautioned that the US economy might slow down unless there is an immediate reduction in interest rates. These statements have sparked concerns about the increasing political influence on US monetary policy, which could potentially undermine the Federal Reserve's credibility and weaken investor confidence. This is compounded by ongoing global trade tensions, particularly between the US and China. Trump's recent inquiry into critical mineral tariffs, which could impact relations with major suppliers like China, threatens to further strain the bilateral ties between these two economic giants. Gold has so far increased by more than 30% this year.