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Gold Continues to Shine and Hits New Historic Peaks as Dollar Falls – What’s the Reason?

By Mohamed Nabawy
21 Apr,2025
Gold Continues to Shine and Hits New Historic Peaks as Dollar Falls – What’s the Reason?

- Gold prices surged to a new record high in Asian trading on Monday, as the dollar dropped alongside President Donald Trump’s plans to overhaul the Federal Reserve, while escalating tensions between Russia and Ukraine after a temporary Easter truce boosted gold's appeal as a safe haven.

- Spot gold jumped 1.9% to $3,394 per ounce, after reaching a record high of $3,385.27 per ounce earlier in the session.

- Gold futures expiring in June rose by 1.8% to $3,410 per ounce.

- The recent rise in gold prices was driven by escalating geopolitical risks, strong central bank demand, and ongoing inflation concerns.

- Gold’s rise amid Trump’s Federal Reserve overhaul plans raises uncertainty. Monday’s rally was mainly driven by renewed uncertainty surrounding U.S. monetary policy after President Donald Trump unveiled plans to overhaul the Federal Reserve.

- On Friday, White House economic advisor Kevin Hassett said that President Trump and his team were still studying whether they could fire Federal Reserve Chairman Jerome Powell. This raised concerns about the Fed's independence, creating turmoil in financial markets.

- This news significantly impacted the U.S. dollar, which fell to a three-year low against a basket of major currencies.

- On the other hand, silver futures rose 1% to $32.773 per ounce, while platinum futures remained unchanged at $978.0 per ounce.

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