Gold has risen to $3,500

The only safe asset? Gold rose to $3,500 for the first time in history.

Fears that Trump may fire the head of the US Federal Reserve triggered an outflow of funds from US stocks, bonds and the dollar.

Meanwhile, gold prices rose 2.2 percent on April 22 after jumping 2.9 percent in the previous session.

Gold rose by a third in 2025 as trade tensions rattled markets and undermined confidence in dollar-denominated assets, boosting some traditional safe havens.

Banks have become increasingly positive on gold, with Goldman Sachs Group forecasting the metal could hit $4,000 an ounce in the middle of next year.

Gold may be “the only truly safe-haven asset” as investors question U.S. assets, including Treasuries, according to investment bank Jefferies.