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Gold prices surged to a record $3,500 per ounce on Tuesday (April 22), as investors flocked to the precious metal amid market turmoil and a weakening US dollar. The rally in gold prices, which began at $2,623 per ounce at the start of the year, has been fueled by uncertainty in the financial markets and recent criticism of the Federal Reserve by President Donald Trump.
President Trump's attacks on Federal Reserve Chair Jerome Powell have raised concerns among investors, leading to a decline in the US dollar to a three-year low. The Dow Jones Industrial Average is also experiencing significant losses, with a drop of nearly 1,000 points on Monday, marking its worst April since 1932.
The instability in the US financial markets has prompted investors to seek safe-haven assets like gold. The fluctuating global trade policies under the Trump administration have further contributed to market volatility, driving investors toward gold.
The current market conditions have led to a shift in investor sentiment, with many turning away from US assets and seeking refuge in gold as a stable investment option. Analysts predict that gold prices could rise even further, potentially reaching $4,000 per ounce in the coming weeks.