Gold Price Hits Record High Amid Dollar Decline and Trump's Attack on Fed Chief Jerome Powell

amsterdam - The price of gold surges as the US dollar weakens, following President Trump's call for the resignation of Federal Reserve chairman Jerome Powell.

Gold Price Hits Record High Amid Dollar Decline

Gold prices have reached a historic high in response to the weakening of the US dollar, triggered by President Trump's demand for the resignation of Federal Reserve chairman, Jerome Powell.

Market Reaction

Investors are turning to safe havens as the US dollar hits its lowest point since late 2023.

Potential Consequences

President Austan Goolsbee of the Fed Bank of Chicago criticized attempts to undermine the independence of the US monetary authority.

Analysts warn of significant consequences if Powell is forced to step down, citing concerns over the independence and politicization of US monetary policy.

Positive Outlook for Gold

Gold's rally this year, coupled with increased central bank purchases, has boosted optimism among investment banks like Goldman Sachs.

Daan Struyven from Goldman Sachs predicts a continued rise in gold prices, attributing it to central banks' waning trust in the West and ongoing trade conflicts.

Struyven forecasts gold prices to climb to $3700 by the end of the year and anticipates further increases in 2026.