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(Bloomberg) — Gold rose to an all-time-high, after concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from US stocks, bonds and the dollar.
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Bullion climbed as much as 0.6% in early Asian trading to above $3,444 an ounce for the first time, following its 2.9% surge on Monday. The dollar slumped to the lowest since late 2023 as Trump called on the Fed to cut rates immediately, in a move seen as a threat to the central bank’s independence.
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“But there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump said on social media, referring to Powell. “There is virtually No Inflation,” he said, pointing to lower energy and food prices.
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The precious metal has surged more than 30% this year as trade tensions have roiled markets and eroded trust in dollar assets, accelerating a rush to havens. Strong flows to bullion-backed exchange-traded funds and continued purchases by central banks have also supported the trend.
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Banks have become progressively more positive about gold’s prospects as this year’s rally has gone from strength to strength. Among them, Goldman Sachs Group Inc. has forecast the metal could hit $4,000 an ounce midway through next year.
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Gold for immediate delivery was up 0.3% to $3,435.29 an ounce at 7:53 a.m. Singapore time. The Bloomberg Dollar Index was flat after its 0.7% decline on Monday. Silver, palladium and platinum all edged higher.
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