Spot Gold registered a fresh all-time high of $3,500.12 per troy ounce on Tuesday amid investor rush to safety due to heightening economic uncertainty.
Yesterday US President Trump reiterated his criticism of Federal Reserve Chair Powell, suggesting the possibility of removing him. Trump warned that the economy could slow in case interest rates are not lowered immediately. The remarks brought forth concerns over the politicization of US monetary policy, which could potentially undermine the US central bank’s credibility.
Meanwhile, an escalation of US-China trade tensions has kept safe haven assets underpinned. Last week, Trump ordered a probe into potential new tariffs on all critical mineral imports, many of which originate from China. And, the Chinese government ordered airlines not to take any further deliveries of Boeing aircraft in response to the recently imposed US tariffs on Chinese goods.
Spot Gold was last up 1.67% on the day to trade at $3,481.42 per troy ounce.
Strong central bank buying, US tariff plans, potential rate cuts by the Federal Reserve and escalating geopolitical tensions have fueled Gold’s rally to a series of record highs this year. Year-to-date, the yellow metal has surged 32.66%.
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