Gold hits $3,500 for first time as Trump’s attack on Powell rattles markets

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Financial Times 11h ago

Gold hits $3,500 for first time as Trump’s attack on Powell rattles markets - Financial Times

Quick Summary:

The president has frequently criticised Powell for not lowering interest rates rapidly enough, while the Fed chair has said he would never be influenced by political pressure.

Trump’s broadside on Monday sent the S&P 500 down 2.4 per cent and the tech-heavy Nasdaq closed 2.6 per cent lower.

Gold, which some investors rely on as a hedge against inflation, has surged 33 per cent this year.