WASHINGTON (dpa-AFX) - Gold prices were up around 2 percent on Monday, nearing $3,400 per ounce after U.S. President Donald Trump's social media post highlighted the crucial role of gold in global economic and political dynamics.
In a post on Truth Social, the president declared, 'THE GOLDEN RULE OF NEGOTIATING AND SUCCESS: HE WHO HAS THE GOLD MAKES THE RULES.'
Spot gold jumped nearly 2 percent to $3,393.93 per ounce in early European trade while U.S. gold futures were up 2.3 percent at $3,403.91.
Concerns over potential changes in Fed leadership and U.S. dollar uncertainty also fueled safe-haven demand for the precious metal.
Trump on Easter Sunday posted about a 'non-tariff cheating' list, warning trade partners of non-tariff-related offenses that could spoil relations with the United States. The 8-point list included currency manipulation, export subsidies, counterfeiting, and transshipping.
China's Commerce Ministry has said it would retaliate against nations cooperating with the USA's tariff wars.
The U.S. dollar tumbled after Trump threatened to fire Fed Chair Powell over rate cuts.
White House economic adviser Kevin Hassett said on Friday that the president and his team are examining the legal feasibility of removing Powell and that had acted politically to benefit Democrats.
Just a day before, Trump blasted Powell on for not lowering interest rates, calling him 'always TOO LATE AND WRONG.'
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