Gold briefly hit a record high of $3,500 per ounce amid market concerns that President Trump might fire Federal Reserve Chair Jerome Powell.
This has triggered investors to move away from US stocks, bonds, and the dollar toward safe-haven assets.
Gold has risen by one-third in 2025 due to trade tensions undermining confidence in dollar assets.
While some analysts predict gold could reach $4,000 next year, technical indicators suggest the rally might pause temporarily.