Global investors scrambling for security rushed to gold on Tuesday, pushing its price to a record $3,500 an ounce, as concerns mount about President Trump’s trade war and his deepening anger at the Federal Reserve chair, Jerome H. Powell.
Gold has set a series of records during an ugly stretch for the markets. Its latest peak came after a particularly rough day on Wall Street, when investors dumped stocks, sold U.S. Treasury bonds and cut their exposure to the dollar, causing its value to drop against most other major currencies.
Gold is often sought out by investors as a safe haven during times of turmoil, and its price has surged more than 30 percent since the start of the year.
“Gold has again moved to yet another record, with its safe-haven reputation shining bright,” said analysts at RBC Capital Markets. “With the uncertainty related to Fed independence, gold continues to benefit as a safe-haven, and one not tied to the U.S. dollar.”
Gold has been soaring since early April when investors, alarmed by Mr. Trump’s tariffs, starting selling Treasury bonds. On Tuesday, the spot price of a troy ounce of gold briefly reached above $3,500 before slipping lower.
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