Gold prices surged to an all-time high of $3,500.10 per ounce on Tuesday, April 22, as investors rushed to the precious metal amid increasing concerns over U.S. President Donald Trump’s escalating trade war with China and his relentless verbal attacks on Federal Reserve Chairman Jerome Powell. The price later dipped slightly to $3,467.87, but the milestone marked the latest in a series of record highs for the commodity, reflecting a broader market shift toward safe-haven assets.
The dramatic rise in gold comes as the U.S. dollar continues to weaken, and after sharp losses were recorded in global stock markets. Trump’s tariffs, which have ignited a trade war with China — the world’s second-largest economy — have added to growing uncertainty in the financial markets. With global tensions on the rise and the threat of further tariffs looming, investors have sought refuge in gold, a traditional hedge against geopolitical and economic instability.
Gold has gained more than 30% since the start of the year, benefiting from this flight to safety. The surge is not only a result of the trade war, but also of growing concerns about the stability of the U.S. economy and the Federal Reserve’s policies. Trump has been publicly critical of Powell, calling the Fed Chair a “major loser” for not lowering interest rates. In recent days, there has been speculation that Trump may take action to remove Powell, despite the independence of the Fed. This mounting pressure has left many investors uneasy, with some fearing that the President’s influence over the central bank could undermine market stability.
The current spike in gold prices is seen as part of a broader trend, where investors are increasingly wary of the health of the global financial system. While the tariff dispute with China has undoubtedly played a significant role, the fear of a breakdown in U.S. monetary policy has added fuel to the fire. With markets grappling with uncertainty and volatility, many analysts believe that gold will continue to attract investment as a safe store of value, particularly in light of ongoing concerns about inflation, interest rates, and potential political upheaval in Washington.
As the situation unfolds, it is clear that gold remains the asset of choice for those seeking to protect their wealth from the risks associated with Trump’s trade policies and his attack on the Federal Reserve’s autonomy.
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