Gold Surges to New High as Dollar Falls to Three-Year Low Amid Turbulent Markets
Gold surged to another record mid-afternoon on Monday as the dollar plunged with U.S. President Donald Trump pressing for control of the Federal Reserve as he reportedly seeks to oust the central bank's chairman.
Gold for June delivery was last seen up US$98.20 to US$3,426.60 per ounce.
The rise comes with the dollar trading at a three-year low in the wake of Donald Trump's trade policies that threaten to stoke inflation and slow growth while import tariffs weigh on consumer demand. Reports that Trump wants to fire Federal Reserve Chair Jerome Powell, as the president pressures the central bank to lower interest rates, is adding further turmoil that is supporting safe-haven demand for the metal.
National Economic Council Director Kevin Hassett on the weekend said the White House is studying if Powell, whose role is independent of the administration, can be fired, the Wall Street Journal reported, while Trump, in a Monday social-media post, called the Fed Chair "a major loser".
The ICE dollar index was last seen down 0.96 points to 98.42, after earlier touching 97.92, the lowest since March, 2022.
U.S. treasuries yields were mixed, with the U.S two-year note last seen paying 3.748%, down 6.1 basis points, while the yield on the 10-year note was up 7.6 points to 4.404%.
Source: MT newswires
