Amid growing doubts about the status of the dollar linked to U.S. President Donald Trump’s uncertain tariff policies, gold prices reached a new high again on the 21st (local time). According to Reuters, as of 3:45 p.m. Eastern Time, the spot gold price rose 3.03% to $3,428.39 per ounce compared to the previous trading day. During the day, gold prices increased to $3,430 per ounce, setting a new record high.
Gold futures also surged. On the New York Mercantile Exchange, June delivery gold futures closed at $4,425.3 per ounce, up 2.9% from the previous trading day, reaching a new record.
With increasing global economic uncertainty due to Trump’s tariff policies, Trump continued to pressure Federal Reserve Chairman Jerome Powell for interest rate cuts, intensifying the shift toward safe assets. The dollar index, reflecting the value of the dollar against major six currencies, lowered to 97.9 during the session, its lowest level since March 2022 in three years.
As Trump continued to influence Powell, concerns about the Federal Reserve’s monetary policy independence and the outlook for U.S. assets grew among investors. Gold prices continued to hit all-time highs, exceeding $3,300 per ounce on the 16th and surpassing $3,400 less than a week later.
With the recent sharp rise in gold prices, there are also warnings about the possibility of a short-term adjustment. Jim Wyckoff, a senior analyst at Kitco Metals, assessed, “The increased daily volatility in gold prices is an early sign that the gold bull market is approaching a short-term market peak.” (Photo: AP, Yonhap News)