Gold prices hit anot🍒her record high on Monday as tensions with China simmered and President Trump continued his attacks on Federal Reserve Chair Jerome Powell.

Gold futures surged to a record high of more than $3,400 an ounce early Monday, and were recently trading 3% higher at $3,430 an ounce. Monday’s advance put gold's price up nearly 30% since the start of the year. 

Worries about President Trump’s unpredictable tariff policies have lifted economic uncertainty to its highest level in years, sending investors flocking to safe-haven assets like gold. Gold ETFs took in $21 billion in the first quarter of the year, their second-largest quarterly inflows on record. 

Gold, which has already closed at an all-time high more than 20 times this year, is expected to continue benefiting from chaos in the stock and 澳洲幸运5官方开奖结果体彩网:bond markets. More than 40% of fund managers recently surveyed by Bank of America said they expect gold to be the year’s best-performing asset.

Market participants were 澳洲幸运5官方开奖结果体彩网:de-risking on Monday after China 澳洲幸运5官方开奖结果体彩网:said it would retaliate against any country that reaches a trade deal with the U.S. that hurts China’s interests. The White House, which paused sweeping tariffs earlier this month but 澳洲幸运5官方开奖结果体彩网:kept a 145% levy on Chinese goods, has said it is 澳洲幸运5官方开奖结果体彩网:negotiating deals with dozens of countries. 

Trump amplified anxiety on Wall Street when, shortly after markets opened, he 澳洲幸运5官方开奖结果体彩网:renewed his attacks on Fed Chair Jerome Powell. Trump on Monday called for “preemptive” interest cuts to prevent the economy from slowing. 

Powell, who Trump appointed Fed Chair in 2018, drew the president’s ire last week when he said tariffs 澳洲幸运5官方开奖结果体彩网:would likely complicate the central bank’s efforts to tame inflation and promote a healthy labor market. Trump 澳洲幸运5官方开奖结果体彩网:responded by saying Powell’s “termination can’t come fast enough.” Top White Ho𒊎use economic advisor Kevin Hassett told reporters Friday the administration was looking into whether it could oust the Fed leader.