• Gold price reached an all-time high of $3,500 an ounce on April 22.
• Investors flocked to gold amidst turmoil linked to Trump's tariffs and Federal Reserve tensions.
• Gold has surged over 30% this year amid economic fears and a weakening dollar.
• The price fell nearly 2% on April 23 after Trump backed down from firing the Fed chair.
• Analysts predict gold could cross $4,000 per ounce by next year.

Gold prices soared to a record high of $3,500 an ounce on April 22, driven by investor fears stemming from U.S. President Donald Trump's tariffs and his public criticism of Federal Reserve Chair Jerome Powell. The precious metal briefly reached $3,500.10 before settling at $3,467.87 later that day, marking a significant rise of over 30% since the year's start as investors sought safe-haven assets amid a weakening dollar and stock market volatility, according to Le Monde and New York Times.

As geopolitical uncertainties persisted, gold's reputation as a safe haven attracted a rush of investments. Analysts from RBC Capital Markets noted, “Gold has again moved to yet another record, with its safe-haven reputation shining bright.” In addition to Trump's tariffs, fears regarding his interactions with the Federal Reserve further influenced the market, highlighting the link between political decisions and economic stability, according to Bangkok Post and New York Times.

However, gold prices dropped nearly 2% on April 23 as Trump sweetened rhetoric around trade negotiations with China and backed down from threatening to dismiss Powell. Spot gold fell to $3,318.71 as traders reacted to the optimism regarding a potential trade deal, which eased some of the safe-haven demands. This change indicated a market recovery, as a stronger dollar impacts gold pricing negatively, according to Reuters.

The recent fluctuations in gold prices illustrate the metal's sensitiveness to political developments and market conditions. Market analysts continue to speculate on future price movements, with some suggesting prices could exceed $4,000 per ounce in the upcoming year, while cautioning about potential corrections, according to Reuters and Bangkok Post.