Gold prices continued to hit record highs after U.S. President Donald Trump launched sharp criticism at Federal Reserve Chairman Jerome Powell, triggering a wave of investor flight from stocks, bonds, and the U.S. dollar.

Gold Extends Its Record Rally

Spot gold rose by 1.73% to $3,483.31 per ounce, while U.S. gold futures climbed 2% to $3,493.31 per ounce.

Gold is widely considered a safe-haven asset in times of economic uncertainty. The metal surpassed the $3,300 mark last Wednesday and continued its upward momentum, breaking above $3,400 on Monday.

So far this year, gold has surged by over 30%, fueled by trade tensions that disrupted markets and eroded confidence in dollar-denominated assets. This environment has accelerated the shift towards safe-haven investments. The trend has also been supported by strong inflows into gold-backed exchange-traded funds (ETFs) and continued central bank purchases.

Other Precious Metals

Silver dropped 0.89% to $32.81 per ouncePlatinum rose 1.02% to $977 per ouncePalladium gained 1.22% to $942.50 per ounce

Tim Waterer, Chief Market Analyst at KCM Trade, told Reuters:

“Investors are increasingly avoiding U.S. assets amid concerns over tariffs and the dramatic rhetoric between Trump and Powell, which has kept gold in a prime position to benefit from dollar-related woes.”