Gold hits $3,500 for first time as Donald Trump’s attack on Jay Powell rattles markets

Gold reached an unprecedented $3,500 per troy ounce, rising 2.2% amid concerns over the U.S. economy, exacerbated by Donald Trump’s criticism of Federal Reserve Chair Jay Powell. Trump’s remarks led to declines in major stock indices and a 0.2% drop in the dollar, which is down nearly 10% this year. Analysts warn that attempts to undermine the Fed’s independence could heighten inflation risks, while gold remains a favored hedge, with significant investments flowing into gold-backed ETFs in early 2024.