Gold stocks shone in premarket trading. Harmony Gold up 8%; Coeur Mining up 4%; Newmont Mining, Barrick up 3%.

Gold rallied to a record as a fresh bout of US dollar weakness, criticism of the Federal Reserve by President Donald Trump and persistent trade war concerns underpinned haven demand.

Bullion roared above $3,385 an ounce, as the US currency fell to the lowest since early 2024. Trump has contemplated firing Fed Chair Jerome Powell, while making the case for lower interest rates. Fed Bank of Chicago President Austan Goolsbee warned against efforts to curtail the monetary authority’s independence.

“Firing Powell not only undermines the principle of central-bank independence, but risks politicizing US monetary policy in a way that markets will find unsettling,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. If the Fed’s credibility is called into question, that could erode confidence in the dollar and accelerate flows into havens, including gold, he said.

The precious metal has soared to successive records this year as the trade conflict has unsettled markets, hurting appetite for risk assets, while accelerating a rush to havens. Holdings in bullion-backed exchange-traded funds have risen for the past 12 weeks, the longest run since 2022. Central banks have also been adding the metal to their reserves, underpinning robust worldwide demand.