Gold has once again returned to the financial spotlight this year, reaching a new record price level on Monday morning, driven by several macroeconomic factors propelling the value of the precious metal against its fiat counterparts.

Spot prices of the precious metal in financial markets surpassed the $3,500 mark, reaching $3,508.50. Futures also reached top prices, inching closer to a historic $3,600 level.

Analysts believe this rally is driven by two key factors developing in the current financial arena. The first one is related to the stance that the current U.S. administration has taken on the Federal Reserve position of not cutting interest rates, which has prompted personal attacks from President Trump against Fed Chair Jerome Powell.

This and the ongoing legal battle to oust Fed Governor Liza Cook have raised questions about the institution’s independence, prompting fears of additional measures going in the same direction.

European Central Bank (ECB) President Christine Lagarde discussed the subject in a recent interview, stating that if Powell gets to be removed by Trump, it would represent a “very serious danger for the US economy and the world economy.”

Nonetheless, the recent dovish statements of Powell are signaling an upcoming rate cut for September, and investors might be preparing to take advantage of this. Gold, as a non-yielding asset, can perform well in a low-interest environment, additionally serving as a safe-haven asset in times of economic uncertainty.

With this rise, gold becomes one of the most profitable assets this year, with prices increasing by nearly 34% since January.

Read more: Strategist Warns Gold Surpassed US Treasuries as Reserve Asset: A Dollar Rebalancing Might Follow

Read more: Ballooning Deficit Creates Bullish Backdrop for Gold, Bitcoin — Kobeissi

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