Gold has achieved a historic price point of $3,500 per ounce, marking significant gains from $2,623 earlier this year. This ascent is attributed to increasing investor anxiety following Donald Trump's attacks on Federal Reserve Chairman Jerome Powell and global market volatility driven by Trump's tariff policies, prompting a shift towards gold as a safe haven. While US stocks recovered momentarily, analysts speculate gold could reach $4,000 soon, reflecting the ongoing uncertainty in economic forecasts as the IMF adjusts growth predictions.
'Spot gold reached the record price of $3,500.01 on Tuesday, extending a rally that has pushed bullion up from $2,623 an ounce at the start of this year.'
'Trump's tariffs have unleashed a major negative shock into the world economy, the International Monetary Fund warned on Tuesday, as it cut its forecasts for US, UK and global growth.'
'As the US itself has caused much of the recent volatility, investors have been turning to another port in the storm, gold, in large numbers.'
'Persistent comments from President Donald Trump, which put the independence of the US Federal Reserve into question, are impacting currency and market performance significantly.'
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