With many stock markets in the red and Dow Jones headed for worst April since 1932, gold could even reach $4,000

Gold has risen above $3,500 an ounce for the first time while many stock markets are in the red and the US dollar hit a three-year low, after Donald Trump’s blistering attack on the Federal Reserve chair, Jerome Powell, caused alarm among investors.

Spot gold reached the record price on Tuesday morning, extending a rally that has pushed bullion up from $2,623 an ounce at the start of this year. 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.

The US currency and its government debt are usually seen as a safe haven during times of market turmoil, but as America itself has caused much of the recent volatility investors have been turning to another “port in the storm”, gold, in large numbers.