Gold briefly surged to a record high of $3,500 per ounce as investors reacted to reports that President Trump might consider dismissing Federal Reserve Chair Jerome Powell.
The prospect of a change at the Fed spurred a flight from U.S. stocks, bonds and the dollar into traditional safe-haven assets, with gold among the primary beneficiaries.
Since the start of 2025, gold has climbed roughly one-third, driven in large part by trade tensions and growing doubts about the outlook for dollar-denominated assets.
Some market analysts are forecasting further gains and have suggested gold could approach $4,000 an ounce next year. However, a number of technical indicators point to the possibility of a temporary pause or consolidation in the rally before any sustained move higher.