Gold reached $3,500 an ounce for the first time Tuesday, April 22, as US President Donald Trump's tariffs and verbal attack against the Federal Reserve sent investors snapping up the safe haven asset. The precious metal reached an all-time high of $3,500.10 an ounce before pulling back to $3,467.87.
Gold has hit a series of record highs in recent weeks as investors seek refuge amid a weakening dollar and following sharp losses across stock markets.
Trump's tariffs have sparked a trade war with China, the world's second-biggest economy after the United States. Gold is up more than 30% since the start of the year.
Trump on Monday called Powell a "major loser" for not cutting interest rates in a social media post, underscoring questions about whether the president will seek to fire the Fed chief after threatening such action last week.