Gold prices soared to an all-time high due to fears of President Trump’s potential dismissal of Federal Reserve Chair Jerome Powell.
Gold continued its scorching rally, hitting an all-time high amid fears that President Donald Trump might sack Federal Reserve Chair Jerome Powell, prompting investors to pull out of US stocks, bonds, and the dollar.
In India, gold prices touched ₹1 lakh per 10 grams, sending shockwaves through India’s middle class. While many may now have to work harder to invest in the precious metal, it’s Indian housewives—famous for their gold savings—who could feel the pinch the most ahead of Akshaya Tritiya.
Spot gold was up 1.7% at $3,482.26 an ounce, as of 0434 GMT, after touching a record high of $3,494.66 per ounce earlier in the session, news agency Reuters reported.
US gold futures firmed 2% to $3,492.60. “Investors have been giving a wide berth to US assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalise on the dollar’s woes,” said Tim Waterer, chief market analyst at KCM Trade.
Trump reiterated his call for an immediate reduction in interest rates on Monday, warning that the US economy could face a slowdown, while criticising Powell’s stance to keep rates unchanged until clarity on the inflation impact of Trump’s tariff plans.
