Gold has reached a new all-time high of $3,501.59 per ounce, surpassing the previous record set in April at $3,500.10, in early Asian trading on Tuesday.
This increase is not a coincidence. Investors are buying the yellow metal and avoiding the dollar, a safe haven competitor, due to the high probability of a rate cut in the US in September and concerns about the independence of the Federal Reserve (Fed), according to Le Figaro.
The US judicial system has not yet ruled on the fate of the governor of the American central bank, Lisa Cook, whom Donald Trump wants to dismiss, thus threatening the institution's independence, whose interest rates he wants to cut.
Faced with a struggling American economy, the market is already expecting a 0.25 percentage point cut at the next Fed meeting on September 16 and 17.
This outlook weakens the yields of the dollar and bonds, which are considered safe havens like gold, and investors are therefore turning more towards this precious metal. As a result, gold has risen to $3,501.59 per ounce (31.1 grams), surpassing the previous record of $3,500.10 set in April, which was driven by uncertainty surrounding US trade policy.