Gold price🌃s tumbled on Wednesday after comments from President Trump on Federal Reserve independence and trade relations with China revived Wall Street’s risk appetite.

Gold futures were recently down 4% to $3,280 an ounce. Prices hit an all-time high of more than $3,500 early Tuesday morning as investors contemplated the possibility Trump 澳洲幸运5开奖号码历史查询:could oust Federal Reserve Chair Jerome Powell, who he has criticized for not cutting interest rates and for saying tariffs are likely to increase consumer pricesღ.&nbs✱p;

Gold prices 澳洲幸运5开奖号码历史查询:have surged this year, especially in the weeks since Trump paused the sweeping tariffs he announced in early April. Gold’s status as a 澳洲幸运5开奖号码历史查询:safe-haven asset untethered to a single economy—unlike other traditional safe bets like 澳洲幸运5开奖号码历史查询:the dollar and Treasurys, over which 🍎the U.S. government can wield substantial influence—has made it an appealing destination for investors unnerved by 🌸the Trump administration.

Markets were relieved on Wednesday morning after Trump late Tuesday said he had 澳洲幸运5开奖号码历史查询:no plans to fire Powell. That statement dispelled some of the fear running through markets since last Friday, when Trump’s economic advisor Kevin Hassett said the White House was exploring whether it was le🧸gally viable for the president to remove Powell before the end of his term. 

Investors’ risk appetite was stoked further on Wednesday by signs the White House is looking to de-escalate its trade war with China. Stocks soared on Tuesday following reports Treasury Secretary Scott Bessent said the current state of U.S.-China trade—with both countries charging each other tariffs of more than 100%—澳洲幸运5开奖号码历史查询:was unsustainable, and that he expected tensions to cool soon. 

Trump struck a similar tone later in the day when he said his administration would “be very good to China” in their negotiations. He predicted the final duty on Chinese goods entering America wouldn’t be “anywhere near” their current level.