The Financial Post reports in its Wednesday, April 23, edition that gold briefly surpassed $3,500 an ounce, driven by concerns that U.S. President Donald Trump might fire Federal Reserve chair Jerome Powell. A Bloomberg dispatch to the Post says that gold rose 2.2 per cent on Tuesday before traders took profits. Safe havens like the yen, Swiss franc and gold have strengthened as Mr. Trump pushed for immediate interest rate cuts, raising fears about the Fed's independence and causing the dollar to hit its lowest level since 2023. Bullion has surged 32 per cent this year, outperforming most major asset classes as investors move away from equities amid a trade war. While traders usually turn to U.S. government debt in risk-off moments, recent Treasury sell-offs have led analysts at Jefferies Financial Group to label gold as "the only true safe haven left." Banks have become progressively more positive about gold as this year's rally has gone from strength to strength. Among them, Goldman Sachs forecast the metal could hit $4,000 an ounce midway through next year. Kallanish Index Services analyst Lee Liang Le says, "Gold's rapid ascent this year tells me that markets have less confidence in the U.S. than ever."