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Gold rose to $3,500 an ounce for the first time on Tuesday amid United States President Donald Trump’s sustained attack on Federal Reserve Chair Jerome Powell and the tariff war with China.
The precious metal reached an all-time high of $3,500.10 an ounce before pulling back to $3,467.87.
Reacting, Rania Gule, senior market analyst at trading group XS.com, in a statement, noted that the rally in gold signals recession fears in the US economy.
“The rally reflects ongoing recession fears in the US economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell.
“These attacks have raised concerns about the independence of monetary policy, pushing investors towards gold as a store of value in uncertain times,” Gule said.
Gold is up more than 30 percent since the start of the year.
Trump on Monday called Powell a “major loser” for not cutting interest rates in a social media post, which suggests the President will seek to fire Powell.
Similarly, Trump’s tariff policy has sparked a trade war with China, the world’s second-biggest economy after the United States.
Earlier DAILY POST reported that the US dollar tumbled on Tuesday.
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English (US) ·