Gold prices continue their record highs, approaching $3,500 per ounce

Gold prices continued their record highs today, driven by a wave of market anxiety after US President Donald Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, boosting demand for the precious metal as a safe haven in times of uncertainty.

Spot gold rose 1.6% to $3,480.08 per ounce. US gold futures rose 1.8% to $3,490.40 per ounce, according to Reuters.

“Investors have begun to significantly avoid US assets amid escalating tariff tensions and confrontational rhetoric between Trump and Powell, keeping gold in an ideal position to capitalize on a weaker dollar,” said Tim Waterer, senior market analyst at KCM Trade.