Gold surged past $3,400 an ounce Monday, hitting a record high, according to Bloomberg. The rally came as the U.S. dollar weakened and haven demand rose amid escalating trade war concerns and political pressure on the Federal Reserve. President Trump’s criticism of the Fed, along with reports that he has considered firing Chair Jerome Powell, rattled markets and drew warnings from Fed officials about threats to central bank independence. Strategists said undermining the Fed could erode confidence in the dollar and push more investors toward gold. Bullion-backed ETF holdings have climbed for 12 consecutive weeks, while central banks continue to add to reserves. Goldman Sachs expects gold to reach $4,000 by 2026.
