At 04:39, gold reached a new record high of $3,494.80, after a nearly 2% increase, as compiled by Bloomberg data.
By 06:30, gold slightly decreased from this peak but remained up by 1.55% at $3,478.75.
This set a new high early this morning, surpassing the previous records set on Monday, when gold traded for more than $3,400 for the first time in history.
These developments occur amidst a weakening dollar, following U.S. President Donald Trump’s criticisms of the Federal Reserve and the ongoing tariff crisis.
Joaquín Robles, an analyst at Banco BiG, noted that Trump’s criticisms of the Federal Reserve’s chairman threaten the Fed’s independence and could potentially “erode” confidence in the dollar.
“As a result, many investors are beginning to reduce their exposure to the dollar and seek shelter in other assets, such as gold or the yen,” Robles explained.
In recent months, gold prices have reached successive historical highs due to uncertainty stemming from trade wars, recession risks, and central banks like China’s increasing gold purchases.
