Published Tue, Apr 22, 2025 · 09:39 AM
[BENGALURU] Gold prices held their record rally on Tuesday (Apr 22), bolstered by concerns over US President Donald Trump’s criticism of the Federal Reserve chair and fears that trade tensions could stall economic growth, driving demand for safe-haven assets.
Spot gold was up 0.1 per cent at US$3,429.03 an ounce, as at 0028 GMT, after touching a record high of US$3,443.79 per ounce earlier in the session.
US gold futures firmed 0.4 per cent to US$3,439.70.
In the previous session, gold surged above US$3,400 to a record high.
Gold, which is considered a hedge against economic uncertainties and known to be a highly liquid asset, has hit multiple record highs and gained more than 30 per cent so far this year. Bullion surpassed US$3,300 last Wednesday and its strong momentum pushed prices higher by another US$100 in just a few days.
Trump said on Monday that the US economy could slow unless interest rates are lowered immediately. He repeated his criticism of US Fed chair Jerome Powell, who believes rates should remain unchanged until it’s clear that Trump’s tariff plans won’t lead to a persistent surge in inflation.
Markets are eagerly anticipating speeches from several Federal Reserve officials due later this week, hoping for insights into future monetary policy amid concerns about central bank’s independence.
China accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the US at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
Spot silver added 0.1 per cent to US$32.72 an ounce, platinum gained 0.4 per cent to US$965.20, while palladium rose 1.3 per cent to US$939.60. REUTERS
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