Gold climbs to record peak as slowdown concerns lift safe-haven demand

Gold prices held their record rally on Tuesday, bolstered by concerns over U.S. President Donald Trump’s criticism of the Federal Reserve chair and fears that trade tensions could stall economic growth, driving demand for safe-haven assets.

FUNDAMENTALS

* Spot gold was up 0.1% at $3,429.03 an ounce, as of 0028 GMT, after touching a record high of $3,443.79 per ounce earlier in the session.

* U.S. gold futures firmed 0.4% to $3,439.70.

* In the previous session, gold surged above $3,400 to a record high. * Gold, which is considered a hedge against economic uncertainties and known to be a highly liquid asset, has hit multiple record highs and gained more than 30% so far this year. Bullion surpassed $3,300 last Wednesday and its strong momentum pushed prices higher by another $100 in just a few days.
* Trump said on Monday that the U.S. economy could slow unless interest rates are lowered immediately. He repeated his criticism of U.S. Fed Chair Jerome Powell, who believes rates should remain unchanged until it’s clear that Trump’s tariff plans won’t lead to a persistent surge in inflation.
* Markets are eagerly anticipating speeches from several Federal Reserve officials due later this week, hoping for insights into future monetary policy amid concerns about central bank’s independence.
* China accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the U.S. at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.

* Spot silver added 0.1% to $32.72 an ounce, platinum gained 0.4% to $965.20, while palladium rose 1.3% to $939.60.

DATA/EVENTS (GMT) 1400 EU Consumer Confid. Flash April.