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Gold price soars past $3,500, sets new record – SUCH TV
Gold prices surged to a record high above $3,500 on Tuesday, as investors flocked to safe-haven assets amid global economic uncertainty. The precious metal touched $3,501.59 per ounce during early trading in Asia, surpassing its previous record of $3,500.10 set in April.
The rally in gold comes as investors weigh a weakening US dollar and the potential for interest rate cuts by the Federal Reserve.
Wall Street pulled back from record highs on Friday after a key US inflation report showed accelerated prices, limiting the Fed’s policy flexibility.
Markets were closed on Monday for Labor Day, while the US dollar traded mixed against major currencies.
Last month, former President Trump said he would fire Federal Reserve governor Lisa Cook if she did not resign, following his criticism over alleged mortgage fraud claims.
The record also came after a US appeals court ruled that many of Donald Trump’s tariffs, which have upended global trade, were illegal.
But it allowed the measures to remain in place for now, giving the US president time to take the fight to the Supreme Court.