Gold extended a blistering rally to rise above $3,500 an ounce for the first time, as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from US stocks, bonds and the dollar.

Bullion gained as much as 2.2% on Tuesday, following a 2.9% jump in the previous session. Trump called on the Fed to cut interest rates immediately, a move seen as a threat to the central bank’s independence that drove the dollar to the lowest since 2023.