Gold prices soared to an unprecedented $3,500 per ounce on Tuesday, April 22, marking a historic milestone driven by mounting investor anxiety over U.S. economic policies and global market instability.
The precious metal briefly touched $3,500.10 before easing to $3,467.87, capping off weeks of gains as investors flock to safe haven assets amid a weakening dollar and turbulent stock markets.
Analysts attribute the surge to escalating trade tensions following U.S. President Donald Trump’s renewed tariffs on China and his intensifying criticism of Federal Reserve Chair Jerome Powell.
“Trump’s attacks on the Fed have raised serious concerns about the independence of monetary policy,” said Rania Gule, senior market analyst at trading firm XS.com. “That’s pushing more investors toward gold as a hedge against uncertainty.”
Gold has climbed over 30% since the start of the year, fueled by recession fears, political volatility, and doubts over the Fed’s direction. The rally gained further momentum after Trump publicly labeled Powell a “major loser” on Monday, adding to speculation about potential efforts to oust the central bank chief.
