Gold futures jump 2%, breach $3,500 mark

Gold bars

Gold prices surged on Tuesday as markets reacted to US President Donald Trump's renewed criticism of Federal Reserve Chair Jerome Powell's policy stance.

June gold futures rose 2.25%, or $76.6, to $3,501.9 an ounce, after hitting a record high of $3,504.2 earlier in the session.

Spot gold climbed 2%, or $69.29, to $3,493.27 an ounce, having reached an all-time high of $3,494.66 earlier in the day.

The US dollar index, which tracks the greenback against a basket of six major currencies, edged 0.2% lower to 98.05 as of 08:58 a.m. in Mecca time.

In other precious metals, July silver futures rose 0.9% to $33.14 an ounce, while spot platinum gained 0.95% to $975.3. Spot palladium advanced 1.35% to $948.66.

The moves came after Trump on Monday reiterated his call for immediate interest rate cuts, warning of a slowdown in the US economy and criticizing Powell for maintaining borrowing costs until the impact of tariffs on inflation becomes clearer.