Gold surged to fresh all-time highs on Tuesday, buoyed by safe-haven demand amid President Trump's Fed criticism and elevated U.S.-China tariff standoffs.

Price Action Snapshot

• Spot Gold: +0.6% to $3,442.48/oz (09:15 ET)

• June Gold Futures: +0.9% to $3,455.90/oz

• Intraday Peak: Briefly touched $4,500/oz

• YTD Performance: +30%, the best-performing commodity of 2025

Fed Independence Under Threat

• “Mr. Too Late” Jabs: Trump labeled Fed Chair Jerome Powell a “major loser,” pressing for immediate rate cuts.

• Firing Rumors: White House adviser Kevin Hassett confirmed the administration is studying Powell's removal—stoking flight-to-safety flows.

• Market Reaction: ING analysts note these threats “sparked a flight to safe-haven assets.”

Trade War Pressures

• Tariff Escalation: U.S. duties on China now reach 145%, with Beijing retaliating at 125%.

• China's Warning: Beijing cautioned against any U.S. trade pacts that undermine Chinese interests, threatening reciprocal measures.

• Dollar Weakness: The U.S. Dollar Index hit a three-year low, making gold more affordable for offshore buyers.

ETF Flows and Inventory Trends

• ETF Holdings: Gold ETF positions are at their highest USD value since September 2023, driven by rising prices.

• COMEX Stocks: Inventories have fallen by ~2 million oz since early April to just under 43.1 million oz, as tariff exemptions and negative arbitrage attract physical offtake.

What's Next for Gold Traders

• Data to Watch:

  • Fed Speeches: Any pushback or clarification on Powell's tenure.

  • Trade Updates: Progress (or setbacks) in U.S.-China negotiations.

  • Inflation Reports: Key CPI and PCE prints for clues on real rate trends.

• Technical Levels: Monitor support near $3,300/oz and resistance around $3,600/oz.

Track Gold Prices in Real Time

For live and historical gold pricing, as well as other commodity data, check the
🔗 Commodities API
from Financial Modeling Prep.
This API delivers up-to-date quotes, inventory figures, and trend analysis essential for navigating the current safe-haven rally.