⏺Gold prices have surpassed $3400 per ounce for the first time in history

📊 June gold futures quotes on CME rose by 2.19%, reaching $3401.3 per ounce

Gold is rising amid further weakening of the US dollar and fears of a trade war.

The trade conflict initiated by US President Donald Trump has unsettled the markets, undermining the appetite for riskier assets while simultaneously triggering a rapid flow of market participants into safe-haven assets.

The DXY dollar index fell by 1.29% on Monday, hitting a low of 98.234 points. This is the lowest level in over three years — since March 31, 2022.

Support for the gold market was also provided by the news that Trump is considering firing Fed Chair Jerome Powell.

"Firing Powell not only undermines the principle of central bank independence but also risks politicizing US monetary policy in a way that markets would find concerning."

If confidence in the Fed is called into question, it could undermine trust in the dollar and accelerate flows into safe havens, including gold.