Investors are now watching for comments from Federal Reserve officials later this week, hoping for clues about interest rate direction and the Fed’s independence

By Titilope Adako

Gold surged to an all-time high of $3,500 per ounce on Tuesday after U.S. President Donald Trump launched fresh attacks on Federal Reserve Chair Jerome Powell, triggering market jitters and a rush toward the safe-haven asset.

Spot gold rose by 0.8% to $3,452.15 an ounce as of 0909 GMT, having earlier touched $3,500.05. U.S. gold futures also gained 1.2% to reach $3,464.50.

Analysts attributed the latest rally to Trump’s criticism of Powell for refusing to slash interest rates, which led to a sharp selloff in U.S. stocks and pushed the dollar to a three-year low.

Alexander Zumpfe of Heraeus Metals Germany noted, “Political uncertainty and monetary policy concerns are keeping gold well supported. The next key psychological target is $3,600, with support now at $3,450 and $3,400.”

Rhona O’Connell of StoneX added, “It’s unusual for gold to rise while equities crash, but this time it hasn’t faced distressed liquidation.”

Bullion has jumped nearly 33% so far this year, buoyed by global instability and a weakening dollar.

Investors are now watching for comments from Federal Reserve officials later this week, hoping for clues about interest rate direction and the Fed’s independence.

Elsewhere, silver slipped 0.9% to $32.41 an ounce. Platinum rose 0.7% to $968.15, and palladium increased by 1.8% to $942.67.

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