Gold reached a historic peak of $3,500 an ounce on Tuesday, April 22, driven by U.S. President Donald Trump’s tariffs and his outspoken criticism of the Federal Reserve, prompting investors to flock to the precious metal as a safe haven. Camilla Camilla bickett
The price briefly touched an all-time high of $3,500.10 per ounce before retreating to $3,467.87.
In recent weeks, gold has consistently set new records as investors seek stability amid a weakening dollar and significant declines in global stock markets.
Trump’s tariffs have escalated tensions in the trade war with China, the world’s second-largest economy. Since the start of the year, gold has surged by more than 30%.
This rally reflects growing concerns about a potential recession in the U.S. economy and rising political tensions, particularly as President Trump continues his public criticism of Federal Reserve Chair Jerome Powell, according to Rania Gule, senior market analyst at trading group XS.com.
“These attacks have raised concerns about the independence of monetary policy, pushing investors toward gold as a store of value in uncertain times,” Gule stated.
On Monday, Trump called Powell a “major loser” in a social media post for failing to lower interest rates, sparking speculation about whether he might try to remove the Federal Reserve chair, following a similar threat he made the week before.
