Gold Tops $3,400 on Worries Over Fed

Gold Tops $3,400 on Worries Over Fed

Gold futures are up over 3%, topping $3,400 per troy ounce for the first time.

Driving the surge is President Trump's attacks on Fed Char Jerome Powell, which is driving money toward safe havens like gold.

"This is a subject that the markets do not favor, and in our opinion, if Trump escalates his attacks on the Fed chief gold will continue to outperform," says Peter Cardillo of Spartan Capital Securities - pegging his new target for gold prices as 'possibly' $5,000 per troy ounce.