Gold rallied to a record as a fresh bout of US dollar weakness, criticism of the Federal Reserve by President Donald Trump and persistent trade war concerns underpinned haven demand.

Bullion roared above $3,400 an ounce, as the US currency fell to the lowest since late 2023. Trump has contemplated firing Fed Chair Jerome Powell, while making the case for lower interest rates. Fed Bank of Chicago President Austan Goolsbee warned against efforts to curtail the monetary authority’s independence.