Gold prices have hit an all-time high of 3,444 U.S. dollars per ounce in early Asian trading on Monday amid concerns over U.S. President Donald Trump's potential dismissal of Federal Reserve Chairman Jerome Powell, according to Bloomberg's report.
After Trump's vocal attacks on Powell, investors were prompted to sell off U.S. stocks, bonds, and the U.S. dollar which increases demand for the safe-haven asset.
Recently, Trump has pressured the Fed to cut interest rates. Throughout his first term, he frequently criticized the Fed and Chairman Powell publicly, urging for rate reductions.
Since the beginning of his second term, Trump has repeatedly applied pressure on Powell, demanding immediate rate cuts. On April 17, Trump once again urged Powell to lower rates without delay.
Trump also remarked that Powell's actions are always "too slow and wrong," noting that the Fed chief should have cut rates sooner, like the European Central Bank, and emphasized the need for immediate action.
Furthermore, Trump indicated that Powell should leave the post, and these vocal threats to dismiss Powell have unsettled the markets.
In response, Powell stated that the Fed will not yield to political pressure. In light of the complex economic situation arising from the recent tariff policies of the Trump administration, Powell emphasized that the Fed will focus on combating inflation.
Gold surges to record high as Trump threats to fire Fed chief
Gold surges to record high as Trump threats to fire Fed chief
Gold surges to record high as Trump threats to fire Fed chief
Brazilian President Luiz Inacio Lula da Silva met with visiting Chinese Foreign Minister Wang Yi in Brasilia on Wednesday, expressing the willingness to strengthen bilateral ties and expand cooperation.
Lula said that Brazil and China have built strong mutual trust and deepened cooperation across various fields, showing that Brazil's steadfast friendship with China is the right choice and a model for South-South cooperation.
He said that he looks forward to maintaining close high-level exchanges with China, further strengthening economic and trade ties, and expanding the mutually beneficial cooperation in finance, energy and other fields.
China's firm and forceful countermeasures against the "reciprocal tariffs" is admirable, said the Brazilian president, noting that China's just actions have received widespread support while certain country's irresponsible and unilateral practices warrant joint resistance.
Brazil is willing to work with China to advocate free trade, defend international rules, and counter any power overriding international justice, the president added.
Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said that China is willing to work with Brazil to implement the important consensus reached by the two heads of state and push for more outcomes in building a China-Brazil community with a shared future.
China will strengthen its cooperation with BRICS and Global South countries, adhere to multilateralism and safeguard international rules, he said.
On the same day, Wang attended the 15th Meeting of BRICS National Security Advisers and High Representatives on National Security in Brasilia.
Brazilian president meets Chinese FM on closer ties, cooperation
