Friday, 10 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > Gold hits $3,500 for first time as Donald Trump’s attack on Jay Powell rattles markets
Economy

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

Last updated: April 22, 2025 1:50 am
Share
Gold hits ,500 for first time as Donald Trump’s attack on Jay Powell rattles markets
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter.

Gold hit a record $3,500 a troy ounce for the first time and the dollar fell on Tuesday, as Donald Trump’s sustained attack on US Federal Reserve chair Jay Powell added to fears over the prospects for the world’s largest economy.

In a rush to haven assets, gold climbed 2.2 percent to $3,500.10, cementing its position as one of the biggest winners from Trump’s return to the White House. The Japanese yen strengthened above ¥140 per dollar for the first time since September as the dollar index languished near a three-year low.

In a post on his Truth Social platform on Monday, Trump branded Powell “Mr Too Late” and urged the central bank to lower borrowing costs “NOW”. The wave of criticism from Trump comes after Powell warned last week that the administration’s sweeping tariffs would lead to slower growth and higher inflation.

The tension between the US president and the central bank marks a new challenge for investors already grappling with the fallout from the administration’s aggressive trade policy.

“Headlines about Trump’s pressure on the Federal Reserve, questions about its independence and his ability to fire Powell — regardless of the outcome — have added uncertainty to a market already flush with uncertainty,” analysts at RBC noted.

Trump’s broadside on Monday sent the S&P 500 down 2.4 percent and the tech-heavy Nasdaq closed 2.6 percent lower. The Stoxx Europe 600 fell 0.7 percent and the FTSE 100 was little changed in early trading on Tuesday.

See also  King Charles to walk diplomatic high wire with Ottawa speech

The dollar fell 0.2 percent against a basket of major currencies, leaving it down almost 10 percent this year.

In bond markets, yields on Treasuries edged higher. The 10-year yield rose 0.02 percentage points to 4.43 percent, while the 30-year yield rose 0.02 percentage points to 4.93 percent.

The president has frequently criticized Powell for not lowering interest rates rapidly enough, while the Fed chair has said he would never be influenced by political pressure.

The Fed has kept rates on hold this year after lowering them three times in a row in 2024, including a large half-point move in September. The central bank’s next meeting is in May.

Investors and economists said an attempt by Trump to remove Powell before his term ended in May 2026, would risk inflicting damage on the US economy.

“Any reduction in the independence of the Fed would add upside risks to an inflation outlook that is already subject to upward pressures from tariffs and somewhat elevated inflation expectations,” said Michael Feroli, chief US economist at JPMorgan Chase.

Gold, which some investors rely on as a hedge against inflation, has surged 33 percent this year. Investors poured at least $19 billion into gold-backed exchange-traded funds during the first quarter, according to Standard Chartered.

“There does seem to be some flows into gold,” said Mitul Kotecha, head of forex and emerging market macro strategy for Asia at Barclays, adding that a broad array of investors were buying bullion.

TAGGED:AttackDonaldGoldhitsJayMarketsPowellRattlestimeTrumps
Share This Article
Twitter Email Copy Link Print
Previous Article A simple tweak to tax law has helped bring solar to communities that need it A simple tweak to tax law has helped bring solar to communities that need it
Next Article Gabby Petito’s mom claims Brian Laundrie’s room was ‘gutted’ soon after he went missing Gabby Petito’s mom claims Brian Laundrie’s room was ‘gutted’ soon after he went missing
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

MTG unveils bill to ax ‘unfair’ tax on homeowners, says it’s a ‘gift’ for the people — here’s Trump’s response

U.S. Rep. Marjorie Taylor Greene (R-GA) has recently introduced the “No Tax on Home Sales…

July 17, 2025

Nashville ICE raid reignites city’s turmoil with GOP leaders

The delicate truce between Nashville’s Democratic mayor, Freddie O’Connell, and Tennessee’s Republican leadership has crumbled…

June 4, 2025

Science Says We Age in Spikes—Here’s How To Slow Them Down

Understanding the Aging Process: Tips for Aging Gracefully As we all know, aging is a…

August 10, 2025

Judge Slams Trump Administration Deportations

Washington: A federal judge criticized the Trump administration for deporting alleged Venezuelan gang members, comparing…

March 24, 2025

15 Best Makeup Removers for All Skin Types

The balm-to-oil formula melts away makeup and impurities while nourishing and hydrating the skin with…

November 2, 2024

You Might Also Like

AMD Stock Is Soaring on an OpenAI Deal, But Analysts Still Think It Can Climb 35% From Here
Economy

AMD Stock Is Soaring on an OpenAI Deal, But Analysts Still Think It Can Climb 35% From Here

October 10, 2025
Why Confluent Stock Popped Today
Economy

Why Confluent Stock Popped Today

October 10, 2025
Trump’s Tariff Threats Fall Flat, Netflix Toasts 10 Years in Italy, ‘Optimism’ Returns to Drama Biz and Other Takeaways From Rome’s MIA Market
Entertainment

Trump’s Tariff Threats Fall Flat, Netflix Toasts 10 Years in Italy, ‘Optimism’ Returns to Drama Biz and Other Takeaways From Rome’s MIA Market

October 10, 2025
This NYSE-Listed Food Company Aims to Stack .2 Billion in Bitcoin
Economy

This NYSE-Listed Food Company Aims to Stack $1.2 Billion in Bitcoin

October 10, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?