Gold futures set a new record amid concerns about the independence of the US Federal Reserve and worsening prospects for the global economy, The Wall Street Journal reports, UNN writes.
Details
Continuous gold futures on the New York Mercantile Exchange rose 1.7% to $3,482.50 per troy ounce in early European trading, reaching $3,509.90 earlier in the session - the first time gold futures have exceeded $3,500.
The precious metal has risen nearly 30% since the beginning of the year due to demand for safe-haven assets following the escalation of the trade war triggered by tariffs in the US, and now threats from President Donald Trump's administration to remove Federal Reserve Chairman Jerome Powell, the publication writes.
Concerns have been further heightened by declining confidence in the US dollar and escalating geopolitical and economic risks, said Rania Gule of XS.com.
Market participants, the publication writes, are logically reducing their presence in American assets, as there are few signs of a change in the Trump administration's policy that could shake the market, and gold is probably the only safe-haven asset left, given its relative immunity to "Trump's account whims." Physical assets of gold exchange-traded funds have reached their highest levels since September 2023 and a record high in dollar terms, given high gold prices, the publication notes.
Gold reached a record high amid concerns about the Fed after Trump's words22.04.25, 09:00