The price of gold has reached unprecedented levels, surpassing $3,400 per troy ounce for the first time. June futures on the Chicago Mercantile Exchange (CME) jumped 2.19%, reaching $3,401.3 per troy ounce. According to Bloomberg, the rise is driven by the weakening dollar and escalating trade war fears.
The trade conflict provoked by Donald Trump has destabilized markets and pushed investors away from risky assets, directing them towards safe havens like gold. Bloomberg reports a 12-week growth in investments in gold-backed exchange-traded funds - the longest period since 2022.
Trump's criticism of Jerome Powell, chairman of the Federal Reserve, gave gold an additional boost. According to Kevin Hassett, director of the National Economic Council, Trump is even considering his possible removal.
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There is increased interest in physically backed gold funds, especially from China. In the first 11 days of April, investments in Chinese gold funds reached 29.1 tons, surpassing the total volume for the first quarter (23.5 tons).
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