Gold climbs above $3,500 for first time as Wall Street rallies after slide

Gold has climbed above $3,500 an ounce for the first time while stocks on Wall Street and the dollar rose following Monday’s sell-off prompted by Donald Trump’s blistering attack on the Federal Reserve chair, Jerome Powell. Analysts now predict the metal could even reach $4,000 only a matter of weeks after the price moved through $3,000 for the first time. Most major European markets closed up slightly on Tuesday, and US markets opened higher, recovering most of the previous day’s losses on Wall Street. Russ Mould, investment director at AJ Bell, said: “Persistent comments from President Donald Trump, which put the independence of the US Federal Reserve in question, resulted in weakness in the dollar, US Treasuries and Wall Street overnight. Stephen Innes, managing partner at the Swiss wealth management firm SPI Asset Management, said: “This is about more than Trump vs Powell.