Gold soars past 3500 dollars amid trade turmoil and Fed tensions
For the first time in history, the price of gold surged above $3,500 per ounce on Tuesday, driven by escalating trade tensions and growing friction between former President Donald Trump and the Federal Reserve's chair, which also led to a sharp decline on Wall Street. At 7:30 GMT, the precious metal was trading at $3,467.87, after reaching a record high of $3,500.10 earlier in the session.
Gold has become a safe haven for investors amid mounting concerns on global markets, particularly due to Trump’s repeated attacks on the Federal Reserve’s leadership and persistent uncertainty surrounding the U.S.–China trade war.
Tensions escalated further on Tuesday as China reaffirmed its firm opposition to any agreements between the United States and other countries that could be seen as detrimental to its interests.
Investors were also keeping a close eye on the International Monetary Fund’s (IMF) upcoming economic forecasts, scheduled for release the same day, amid concerns over the broader impact of the trade war.
Since April, when Trump reignited trade disputes, investors have been steadily turning to gold. Tariffs raise inflation risks, which weaken the U.S. dollar making gold an appealing hedge. Despite not yielding interest, gold retains strong value due to its use in jewelry, industry, and as a reliable store of wealth.
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