Gold hits $3,500 as Trump's attacks on Fed chief rattle traders

Economic uncertainty to support demand despite likely pullback, analyst says

20250422 gold

Gold, viewed as a safe-haven in times of economic uncertainty, has risen nearly 33% so far this year. © Reuters

(Reuters) -- Gold prices soared to a record high, hitting the crucial $3,500 mark on Tuesday, as concerns over U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion.

Spot gold was up 2.2% at $3,493.41 an ounce, as of 0620 GMT, after touching a record high of $3,500.05 per ounce earlier in the session.

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