Gold extended a blistering rally to rise above $3,500 an ounce for the first time, as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from U.S. stocks, bonds and the dollar.
This public rebuke of Jerome Powell comes on top of geopolitical risks, trade tensions and concerns over economic stability – all enflamed by Trump’s tariff onslaught.
Gold hits new all-time high!
Gold has reached an unprecedented milestone, soaring to $3,500 per ounce for the first time, as political and economic uncertainty surrounding President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell shakes global markets.
Investors have flocked to gold as a safe-haven asset, seeking refuge from the volatility triggered by Trump’s public demands for immediate interest rate cuts and threats to dismiss Powell.
Gold’s rapid ascent has been supported by a combination of trade tensions, tariff uncertainties, and geopolitical risks. Its ascent this year suggests that markets have less confidence in the U.S. than ever.
Dollar plummets as gold hits new all-time high!
The U.S. dollar has plummeted to its lowest level since 2023, further fueling gold’s meteoric rise.
Concerns over the Federal Reserve’s independence have eroded confidence in U.S. assets, prompting a flight to bullion-backed exchange-traded funds and central-bank purchases.
Market analysts are divided on whether gold’s rally will sustain its momentum. While some predict further gains, citing the metal’s enduring appeal as a hedge against economic instability, others caution that the recent surge may lead to a temporary pullback.
Regardless, gold’s historic climb underscores its status as a reliable store of value in times of turmoil, solidifying its position as the ultimate safe-haven asset.
Gold has seen a significant rise in 2025
On 1st January 2025, gold was priced at $2,623 per ounce. As of 21st April, 2025, gold has surged to $3,373.70 per ounce.
This marks an increase of $750.70 per ounce, or approximately 29% in just a few months.
One-year gold chart
In April 2024, gold was priced at approximately $2,284 per ounce. As of April 2025, gold has surged to $3,373.70 per ounce. This marks an increase of $1,089.70 per ounce, or roughly 48% in just one year.