Gold reached $3,500 an ounce for the first time Tuesday, 22 April. 2025 as United States President Donald Trump’s tariffs and verbal attack against the Federal Reserve sent investors snapping up the safe haven asset.
The precious metal reached an all-time high $3,500.10 an ounce before pulling back to $3,467.87.
Price action meanwhile is cooling off a bit towards the US trading session, and Gold dips back to around $3,450 at the time of writing, due to some profit taking at the psychological level. Several markets across the globe are returning to normal trading regimes after the holiday-infused Easter price action, with Good Friday and Easter Monday seeing reduced trading volumes due to bank holidays.
This week’s rally is being fueled by mounting uncertainty and pressure on the independence of the Federal Reserve (Fed) and its Chairman Jerome Powell.
Trump has been blaming the Fed and its Chairman for the still-elevated interest rates. Trump accused Fed Chairman Powell of lowering rates during Joe Biden’s presidency and said to be looking at any means or possibilities to have the Chairman replaced by Trump’s pick to get US rates slashed quickly.
Source: AFP
