From Investing.com: 2025-04-22 02:19:00

Gold prices surged to new record highs due to concerns about the US Federal Reserve’s independence. President Trump’s threats to fire Fed Chair Jerome Powell led to a flight to safe-haven assets with spot gold settling over 2.9% higher. The strength continued with prices briefly breaking above US$3,440/oz.

Trump’s pressure on Powell to ease rates raised concerns about Fed independence, pushing ETF holdings in gold to their highest levels since September 2023. Spot gold is up over 30% this year, making it the best-performing commodity. COMEX gold inventories fell by almost 2moz since April to under 43.1moz.

Oil prices fell 2.5% amid a broader risk-off move in markets due to various factors like demand concerns, Trump’s Fed pressure, and US-Iran nuclear talks progress. The prompt timespread strengthened close to US$1/bbl backwardation, indicating a relatively tight spot market. Refinery margins remained well supported despite demand worries.

US crop plantings for corn and soybeans are progressing well, with corn at 12% planted and soybeans at 8% as of 20 April. Winter wheat crop condition deteriorated, with 45% rated good-to-excellent compared to 47% last week and 50% last season. This information is for informational purposes and not investment advice.



Read more at Investing.com: Gold Hits Record High as Trump Turns Up the Heat on Fed Chair Powell