Global gold hits $3,500 mark amid Trump’s tariff worries
Updated 4/22/2025 10:15:00 AM
Arab Finance: Gold prices hit the $3,500 mark on April 22nd over dampened risk sentiment, which drove investors towards safe-haven bullion, Reuters reported.
Spot gold increased by 1.5% to $3,474.41 an ounce at 9:43 am, after hitting a record high of $3,500.05 per ounce earlier in the session.
Meanwhile, US gold futures rose by 1.8% to $3,485.10.
"As political uncertainty and monetary policy concerns persist, gold is likely to remain well supported. Key technical support levels are now seen at $3,450 and $3,400, while the next psychological target on the upside is $3,600 per ounce," Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, said.
On April 21th, Trump urged an immediate reduction in interest rates, warning that the US economy could face a slowdown.
Trump criticized Fed Chief Jerome Powell's stance to keep rates unchanged until clarity on the inflation impact of his tariff plans
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